House Passes $484 Billion Relief Bill to Replenish PPP

Yesterday the House overwhelmingly passed a relief bill that, among other things, will provide a much needed top up of the Paycheck Protection Program; of the $484 billion in new spending approved in this bill $320 billion will go towards replenishing the PPP; it carves out $60 billion of that amount for smaller banks ($30 billion for banks with between $10 billion and $50 billion in assets and $30 billion for banks with less than $10 billion in assets); there is also $60 billion to replenish the Economic Injury Disaster Loan program; money is also set aside for hospitals and virus testing; President Trump just signed the legislation into law today. American Banker

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