Additional $484 billion COVID-19 relief package

After a couple of weeks of negotiations, the House & Senate reached a deal on a $484 billion COVID-19 relief package, adding funding and enhancing programs from the CARES Act. The agreement segments into four (4) sections: $320 billion for small businesses, $75 billion for hospitals, $60 billion for the SBA disaster loan program, and $25 billion for disease testing.

$320 billion for small businesses (66%)
  • $310 billion for the Small Business Administration (SBA) Paycheck Protection Program (PPP).
    • $60 billion of the funding is set aside for businesses that do not have established banking relationships, such as rural and minority-owned companies.
  • $10 billion for the SBA’s Economic Injury Disaster Loan (EIDL)

The SBA stopped accepting new applications under the Paycheck Protection Program until funds were replenished. Banks anticipate that funding will run out in less than two (2) days. If you still need to apply for your Paycheck Protection Program Loan utilize our free resource to get started: Paycheck Protection Program – CARES Act

$75 billion for hospitals and healthcare providers (15%)
  • The bill provides $75 billion to the Department of Health and Human Services (HHS) to distribute to hospitals and healthcare providers for COVID-19 related expenses and lost revenue.
  • To review the Provider Relief Fund click here: CARES Act Provider Relief Fund
$60 billion for the SBA Disaster Loans Program (12%)
  • $60 billion in loans and grants for the Small Business Administration’s disaster relief fund.
$25 billion for disease testing (5%)
  • The $25 billion for disease testing will support federal efforts to research, develop, and produce COVID-19 tests.
    • $11 billion of this total is reserved for state and local governments for testing costs.
    • $1 billion to the Centers for Disease Control and Prevention (CDC) for various surveillance and epidemiologic purposes
    • $1.8 billion to the National Institutes of Health (NIH) for testing research.
    • $225 million will be distributed to rural health clinics, and $600 million will be distributed to community health centers
    • $1 billion is allocated for covering testing costs for uninsured people.

 

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