Stimulus Phase 3.5 Signed by President Trump!
by Jay Kruse
Chief Advocacy Officer
4/24/2020

Just now, President Trump has signed and enacted stimulus Phase 3.5, officially titled H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act. On Thursday evening, the House voted to approve the additional $310 billion in funds for the Paycheck Protection Program (PPP) after the Senate was able to pass the measure on Tuesday. The measure passed the House with a final count of 388-5. The $310 billion contains $60 billion set aside for community lenders, including state and federal credit unions.

 

The allocation of the $60 billion:

  • $30 billion for loans made by insured depository institutions with between $10 billion and $50 billion in assets; and
  • $30 billion for loans made by institutions with assets of less than $10 billion.

We had been advocating along with our partners at CUNA for this allocation of funds for small financial institutions to ensure access for our Main Street business in the Dakotas. The $60 billion dedicated to community lenders, including credit unions, will go a long way to supporting small businesses that were unable to access the first round of funding. Now that the funds are approved, we will keep an eye out for additional guidance on the availability of the funds from the SBA.

 

 

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