The $350 billion Paycheck Protection Program was a central piece of the massive $2 trillion CARES Act passed just a few weeks ago. However, last week the Small Business Administration announced that they would no longer be able to accept new applications based on the available appropriations funding. This left many business without the much needed relief to continue to pay employees and sustain business operations.

Fortunately, the White House and Congress have reached a deal to replenish the lending program which will provide an additional $310 billion for the Paycheck Protection Program and $50 billion for the Economic Injury Disaster Loan program. $60 billion of the PPP money will be set aside for smaller lending facilities including community financial institutions.

The deal passed the Senate on Tuesday April 21 and the House is expected to vote on the legislation on Thursday.