The House passed a $484 billion coronavirus aid package on Friday evening that would provide loans to small businesses that cannot afford to cover payrolls and that meet additional requirements that were relaxed from the original program. The bill would give $350 billion in loans to struggling businesses that are receiving no federal aid, according to a summary. The bill was expected to win final approval on Saturday, and Trump is likely to sign it by Monday afternoon.
The Senate is expected to take up the measure this week. The president called the House-passed legislation a “great victory” on Saturday and predicted Employee Retention Credit that the Senate would pass the bill quickly with bipartisan support.
Under the current law, most loans issued under the PPP are limited to $10 million and to businesses that have been owned and controlled by U.S. citizens or lawful permanent residents for three years. Small business owners with foreign ownership have also been eligible under certain conditions.
To be eligible for the PPP loan, businesses had to have fewer than 500 employees and an adjusted gross income of less than $75,000 last year. In addition, companies must be “100 percent domestic,” meaning they were either incorporated in the United States or have their main place of business here.
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