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.
Check back here for updates. In the meantime, learn more about how the CARES Act has impacted consumer-directed healthcare (CDH).