Earlier this week, the Senate passed the Paycheck Protection Program (PPP) and Health Care Enhancement Act to provide additional coronavirus relief funding. The bill includes $310 billion for the PPP, which offers generally forgivable loans to small businesses for payroll. The first $349 billion fund has been depleted.
A separate provision worth $60 billion (including $50 billion in loans and $10 billion in grants) would be allocated to emergency injury disaster loans (EIDL). Also included is $75 billion for hospitals and $25 billion for coronavirus testing. The total amount of the package is approximately $480 billion.
The House is set to take up this measure on Thursday, and President Trump indicated that he will sign the bill to provide additional funding for small business loans.
to read the text of the bill.
to read a section-by-section analysis of the small business program.