Congress Passes Additional COVID-19 Emergency Funding

The U.S. Senate and House of Representatives have passed a fourth legislative package to respond to the impacts of coronavirus.

The bipartisan H.R. 266, the “Paycheck Protection Program and Health Care Enhancement Act” provides $484 billion for small businesses and funding for healthcare-related impacts and supplies. The bill now goes to President Trump, who is expected to sign it into law.

Importantly, the bill provides $310 billion for the Paycheck Protection Program (PPP) administered by the U.S. Small Business Administration (SBA). The PPP was established in the CARES Act and its funding ($349 billion) was exhausted within two weeks. Read more about SBA’s PPP.

In addition, the bill provides $60 billion in Economic Injury Disaster Loans (EIDL), including $50 billion of EIDL loan subsidies and $10 billion of EIDL grants through the SBA. Under EIDL grants, small businesses can request up to $10,000 in advance emergency cash to assist in replenishing a temporary loss of revenue as a result of coronavirus. The loan advance will not have to be repaid. Read more about SBA’s EIDL.

Source: Passenger Transport