Home » Economy » Next wave of coronavirus small business loans could start this weekend
Next wave of coronavirus small business loans could start this weekend
SBA will provide guidelines for banks in new PPP funding: Report
FOX Business’ Edward Lawrence says the Paycheck Protection Program’s money will probably not flow to small businesses until next week.
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The second wave of government-backed aid for small businesses devastated by the coronavirus pandemic could begin to go out this week, according to a Small Business Administration source.
The Senate passed a $484 billion aid package on Tuesday, which includes an additional $310 billion in funding to replenish the tapped-out Paycheck Protection Program.
The bill goes to the House, which is expected to vote on the package Thursday. It will take the Office of Management and Budget about a day and a half to deposit the money with the Small Business Administration once the law is passed — meaning that if President Trump signs the bill on Thursday night, loans could be processed as soon as Saturday.
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Banks are expected to issue new guidance for small business owners on Friday.