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House of Representatives Approves $484 Billion Coronavirus Relief Package
On Thursday, April 23, 2020, the U.S. House of Representatives voted on and passed the latest coronavirus relief package, which includes funding for small businesses, hospitals and coronavirus testing. President Trump is expected to sign the bill into law on Friday, April 24.
What is included in the new bill?
The bill provides $484 billion in total funding. Of those funds, $310 billion would replenish the federal small business loan program, the Paycheck Protection Program (PPP), which ran out of funds last week.
The Paycheck Protection Program was initially created by the Coronavirus Aid, Relief and Economic Security (CARES) Act, and was designed to get cash in the hands of suffering small businesses quickly, with less stringent eligibility requirements than the existing SBA loan programs. Paycheck Protection Program loans are designed to incentivize business owners to keep employees on their payroll.
The PPP loan can also be completely or partially forgiven under qualifying circumstances.
In addition, $60 billion would be added to a separate small business emergency loan and grant program for businesses such as rural and minority-owned companies that do not have established banking relationships.
Finally, the bill includes $75 billion in funding for hospitals and $25 billion for COVID-19 testing.
Find more COVID-19 payroll and HR resources in our Resource Center.
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