The Indianapolis City-County Council held an emergency meeting Friday and unanimously approved more funding for small business loans.
The approval appropriates $25 million for small businesses in Indianapolis. The loans will be available through the Indy Chamber, through a paycheck protection program.
Council President Vop Osili says the Chamber is ready to deploy funds immediately.
"With a focus on supporting our most vulnerable business and neighborhoods, this council can take action today that will help our small businesses by Monday," says Osili.
The action comes on the heels of a new federal bill that offers another $310 billion in forgivable loans to small businesses.
Indianapolis Chief of Staff Thomas Cook says it won’t be enough.
"It’s going to run out, and it’s probably going to run out in days, not weeks and months," says Cook.
A Iocal rapid response loan program launched last month has closed more than 60 loans and has more than $19 million in requests.