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Topics: Small Business
Unfortunately, as of April 16, 2020, the SBA announced that the initial $349 billion Congress allocated for PPP loans had been depleted. However, Congress passed a new bill on April 24, providing an additional $310 billion in relief for small businesses with $60 billion set aside for small lenders, another $60 billion in SBA disaster loans, $75 billion in grants for hospitals, and an additional $25 billion to increase testing for COVID-19. The funds are available on April 27.