The U.S. Senate today was unable to obtain unanimous consent to pass alternative Republican and Democratic measures that would increase funding for the programs that were part of the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) (Pub. L. No. 116-136), signed into law on March 27, 2020.
The lending program that was the subject of the measures considered by the Senate today is the Small Business Administration-administered “paycheck protection program” (PPP).
The House is expected to consider a separate version of legislation to increase program funding, but it is unclear whether there is support for passage by unanimous consent in the House.
Read about the “paycheck protection program” (PPP): TaxNewsFlash
The Treasury Department released a set of “frequently asked questions” (FAQs) [PDF 70 KB] concerning the PPP.
The Small Business Administration also has provided guidance concerning the PPP:
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