U.S. President Donald Trump signed a $484 billion bill today to alleviate the economic hardships caused by the COVID-19 pandemic. Most of the funding in the bill ($320 billion) will flow to small business through the Paycheck Protection Program (PPP). The Program provides forgiveable loans to small businesses that keep their employees on payroll.
Both Republicans and Democrats are referring to this bill as interim legislation meant to bridge the gap between the $2 trillion CARES Act and the next round of COVID-19 legislation. PPP reached its lending limit after approving nearly 1.7 million loans after it was launched by the CARES Act in March, leaving many small businesses still searching for a loan.