$60 Billion in PPP Funds Set Aside for Banks and CUs with $50 Billion or Less in Assets

The Senate this afternoon unanimously passed legislation to provide more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program (PPP). The House must now approve the bill, which it is expected to do in a floor vote later this week.

‌Of the more than $320 billion appropriated for PPP loans, a minimum of $30 billion will be set aside for community development financial institutions, banks and credit unions with less than $10 billion in assets. Another $30 billion at least will go to banks and credit unions with assets between $10 billion and $50 billion.

Institutions in these categories may originate PPP loans above these levels.