Paycheck Protection Program and Health Care Enhancement Act
On Friday, April 24, 2020 President Trump signed a $484 billion bill Friday to aid employers and hospitals under stress from the coronavirus pandemic H.R. 266, Paycheck Protection Program and Health Care Enhancement Act. The bill is the latest effort by the federal government to assist businesses that have had to close or dramatically alter their operations. It includes a $320 billion replenishment for the Paycheck Protection Program to help small- and medium-size businesses with payroll, rent and other expenses.
This program provides forgivable loans so businesses can continue paying workers while forced to stay closed for social distancing and stay-at-home orders. The SBA will resume acceptance of PPP applications from approved lenders on behalf of any eligible borrowers at 9:30 a.m. Monday, April 27, 2020. Interested applicants are encouraged to contact their lenders asap.
HR 266 also includes approximately $75 billion is aid for hospitals, $25 billion for coronavirus testing, and $60 billion to replenish the Small Business Administration’s Economic Injury Disaster Loan program.