Paycheck Protection Program Funding Update: New Details On Loans As Lawmakers Near Deal

With small businesses around the country still eagerly awaiting some form of assistance from the federal government, lawmakers on Capitol Hill appear to be making some much-needed progress today. Late yesterday afternoon, the Senate reached an agreement on the newest coronavirus relief package, which would pump an additional $310 billion into the Paycheck Protection Program. The program—depleted of its original allocation of $349 billion in a matter of weeks—lets the Small Business Administration offer forgivable loans to businesses with fewer than 500 employees. Here are some of the reported details (per several media reports and tweets from senators) on the new package. Read more at Fast Company.