Independent Operators

Proposed bill will provide new PPP loans

July 29, 2020

A proposed $1 trillion coronavirus relief bill includes another round of funding for the Paycheck Protection Program, the small-business loan program to help small businesses weather the storm created by the pandemic, according to a report in The Hill.

The bill, titled the Health, Economic Assistance, Liability Protection and Schools Act, is the result of negotiations between the Trump administration and Senate Republicans.

The bill would reduce enhanced unemployment insurance from $600 to $200 per week. The proposal also includes $16 billion for coronavirus testing, $105 billion for schools, and a 5-year shield from coronavirus-related lawsuits except for cases where a business, school or government agency is involved in "gross negligence" or "intentional misconduct."

The bill would limit participation in PPP loans to companies with no more than 300 employees, which marks a rollback form the CARES Act, which included companies with as many as 500 employees.