Nope, 70M was a cash injection not the budget.
I believe you are right. I don't know how much exactly it was (40, 50, 70 or 120 million) but it was a cash injection from the owners, similar to what Berlusconi often does in Milan.
Milan operate with a transfer budget, but from time to time Berlu as an owner contributes with his money and buys players (that's how they bought Ronaldinho and Ibrahimovic).
The cash injection approved some weeks ago is only an addition to the existing transfer budget. It's a question though how big the transfer budget was and how big the injection was. It's everyone's guess atm.
Imo, the "loan with rights to buy" guys were already planned in the transfer budget and they won't be paid from the cash injection from the owners.