April 23, 2020
By Caity Witucki
BREAKING NEWS — The House Passes Paycheck Protection Program and Health Care Enhancement Act
On Thursday, April 23, 2020, the U.S. House of Representatives approved the Paycheck Protection Program and Health Care Enhancement Act. The bill provides a $484 billion expansion to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, with $320 billion appropriated for the SBA’s Paycheck Protection Program (PPP).
Within the bill, $30 billion of the $320 billion PPP funding is reserved for smaller banks, credit unions and community development financial institutions with less than $10 billion in assets and an additional $30 billion has been earmarked for banks and credit unions with between $10 billion and $50 billion in assets. The bill also includes $60 billion for economic injury disaster loans (EIDL), $75 billion for hospitals, and $25 billion for COVID-19 testing.
The supplemental coronavirus relief package passed in the Senate Tuesday by voice vote and is expected to be signed by President Trump later today.