UPDATE: The latest relief package detailed below has now passed the House. The bill now moves to the President for signature. If you have not yet applied for a loan as a part of the PPP and are eligible, we recommend that you do so quickly. You can view a detailed layout of the loan options available to you in our comparison here.

The Paycheck Protection Program (PPP) ran out of money last week, and yesterday the Senate passed an interim relief package replenishing funds for the program, which was previously created to keep keep workers employed during the current pandemic.

The funding came as a part of a $484 billion package that is meant as a stopgap measure in advance of additional major relief legislation in the coming weeks. $310 billion was allocated to the PPP, with $60 billion of that allocated for smaller businesses without existing banking relationships.

Other measures in the bill include:

The bill also requires the federal government to develop a  “strategic plan related to providing assistance to states for testing and increasing testing capacity.”

The bill now moves to the House for a vote, which could come as early as Thursday. Stay tuned to the ACRAsphere for additional updates.