On April 21, 2020, the U.S. Senate passed the fourth round of stimulus spending. This package is in addition to the COVID-19 responses by the federal government in the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, the Families First Coronavirus Response Act (“FFCRA”) and the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Paycheck Protection Program and Health Care Enhancement Act has been approved only by the U.S. Senate and it is not yet final.
- $310 billion to replenish the Paycheck Protection Program.
- $60 billion of that total will be allocated to small lenders and minority and community businesses.
- Confirms farmers and ranchers are eligible borrowers under the PPP.
- $60 billion to replenish the Economic Industry Disaster Loans ($10 billion for the Emergency Grant program).
- $75 billion in direct payments to hospitals and healthcare providers.
- $25 billion to support state-focused coronavirus testing.
A copy of the proposed legislation as passed by only the U.S. Senate is here: https://www.fraserstryker.com/wp-content/uploads/2020/04/Fraser-Stryker-Paycheck-Protection-Program-and-Healthcare-Enhancement-Act-US-Senate-Version.pdf
A printable version of this information can be found by clicking HERE.
Mark L. Brasee
Neil P. Hassler
This article has been prepared for general information purposes and (1) does not create or constitute an attorney-client relationship, (2) is not intended as a solicitation, (3) is not intended to convey or constitute legal advice, and (4) is not a substitute for obtaining legal advice from a qualified attorney. Always seek professional counsel prior to taking action.