The Senate approved Tuesday a total of about $484 billion in additional federal funding for coronavirus relief. Here’s how it affects small businesses:
to businesses that may have had other resources to stay solvent, and that larger banks locked out potential borrowers by giving their existing lending customers priority.
Additionally, U.S. Senator Marco Rubio , Chairman of the Senate Committee on Small Business and Entrepreneurship, announced on April 20 that this fall, his committee will conduct oversight of PPP lending, including investigating whether companies misrepresented themselves to receive PPP funds. $30 billion has been allocated to financial institutions with assets between $10 billion and $50 billion.
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