News Alert: Trump Signs Second Stimulus Bill with $310 Billion in Small-Business Aid: Here’s How to Receive Money

Today President Trump signed into law a new $484 billion stimulus bill, which includes an additional $310 billion for the Paycheck Protection Program (PPP). The PPP, established as part of the $2.2 trillion CARES Act, is a loan program designed to help small businesses impacted by the COVID-19 pandemic cover payroll costs and other essential expenses. The bill is expected to pass in the House tomorrow and be signed into law as early as Thurs., April 23.

The additional aid comes after the initial $349 billion allocated to the PPP ran out Thurs., April 16. Since the Small Business Administration (SBA) began accepting applications on April 3, nearly 1.6 million companies have received loans, a fraction of the country’s 30.2 million small businesses.

In addition to $75 billion for hospitals and $25 billion for a new COVID-19 testing program, the new bill has allotted $60 billion for emergency advance loans as part of the SBA’s Economic Injury Disaster Loan (EIDL) program, which has also run out of money.

Read our post about how your company can apply for a PPP or EIDL loan, as well as how it can receive other forms of aid during the COVID-19 pandemic.

Sign up for our newsletter

The latest legislative developments, business risks, and trends in the wake of the COVID-19 pandemic.

Learn more

Related content

See all insights

Lifestyle benefits and the race for talent

IRS releases 2022 cost-of-living adjustments for certain tax provisions

IRS 2022 HSA Contribution Limits

The most common HSA questions – answered

3 open enrollment strategies for a changed workforce

Join us in celebrating HSA Month this October

The value of investing your HSA

Tips for contributing to your HSA

COVID-19 Home Testing an Eligible Medical Expense 

What admins need to know as the COBRA subsidy period ends

COBRA for the Next Generation

Follow the Money: a New Strategy for Health Plans