The Senate approved a measure Tuesday that would inject more funds in the Paycheck Protection Program (PPP), which was halted last Thursday after it ran out of the original $349 billion for small businesses.
The new $484 billion bill will include $321 billion for the PPP. Of that, $60 billion would be reserved for smaller banks and credit unions to assist smaller businesses that don't have relationships with big banks and had a harder time accessing the loans in the first funding.
The House is expected to take up the measure on Thursday.
The PPP is designed for small businesses of 500 or fewer employees. According to the SBA, more than 1,637,000 loan applications valued at “over $339 billion” had already been approved.