The House has just passed H.R. 266. The bill now heads to the President’s desk for his signature.

One addition from the update – the Department of Treasury has published an updated FAQ on the Paycheck Protection Program (PPP). It addresses many more issues than previously, including the ability for franchises to get PPP funds:

It includes

  • Paycheck Protection Program (PPP): Additional $310 billion
    • Also sets aside the following amounts for the PPP to be made by the following institutions: 
      • $30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion
      • $30 billion for loans made by Community Financial Institutions (CDFIs), Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion
  • Economic Injury Disaster Loan (EIDL) Program: Additional $60 billion
    • $50 billion for the Disaster Loans Program Account 
    • $10 billion for the Emergency EIDL Grants (these are the $10,000 advances)

I have also attached the bill text and section-by-sections again. Wondering how they will do this without being too close together? For each of the two scheduled votes, they’ll be divided into groups of about 60 each, arranged in alphabetical order, and will enter the House chamber through specific doors and leave through other doors.
House Small Business Committee Holds Hearing on CARES Act OversightThe House Small Business Committee is holding ahearing now on feedback and priorities as they relate to the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) and grants.

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