President Trump signed the $484 billion Paycheck Protection Program and Health Care Enhancement Act, H.R. 266, today to bolster funding for small businesses and healthcare organizations amid the COVID-19 coronavirus pandemic.
The legislation includes over $320 billion in funding for the Small Business Administration’s (SBA) Payment Protection Program (PPP) to cover eight weeks of employee expenses for businesses. PPP was created last month as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
SBA’s disaster relief fund also will receive a $60 billion boost for small business loans and grants.
H.R. 266 also provides economic relief for hospitals and healthcare providers. The Public Health and Social Services Emergency Fund will receive $75 billion to distribute to healthcare providers for expenses or lost revenues related to the prevention of, preparation for, or response to coronavirus. Another $25 billion for the fund will be set aside to develop improved COVID-19 testing.
The bill passed the House and the Senate earlier this week.