The U.S. House of Representatives yesterday approved additional funding for the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) portion of the CARES Act that provides low interest loans for small businesses that can be forgiven if the business uses 75% of the funds for payroll.
The House vote follows the passage in the Senate earlier this week.
President Trump is scheduled to sign the legislation at noon today.
Congressional Democrats held up a Republican Senate Bill two weeks ago that would have provided an additional $250 billion for the Paycheck Protection Program to keep it open. As a result, the program ran out of funding and applications to the program by small businesses were halted.
The new funding should allow the application process to reopen shortly.
According to CollisionWeek research, over 80% of collision repair facility operators that responded to a survey indicated they had applied for PPP loans and over 12 percent had already received funding.
The legislation also approved an additional $60 billion for the SBA Economic Injury Disaster Loan and Grant program.