The American Bankers Association today urged House leaders to swiftly approve a legislative package that would provide an additional $320 billion in funding for the Small Business Administration’s Paycheck Protection Program. The Senate unanimously approved the bill yesterday, and the House is expected to consider the legislation tomorrow morning.
ABA noted that the PPP has been a “financial lifeline” to small businesses nationwide, but that many were still awaiting assistance when the initial round of funding ran out on April 16. These additional funds “will allow America’s banks to continue to stand by their small business customers and doe everything they can to deliver this relief quickly and efficiently, thereby saving jobs and limiting the economic damage from the pandemic,” ABA said. “America’s small businesses are counting on us to come through for them, and America’s banks are eager to fulfill the demand for PPP loans to the extent possible.”