On April 21, the Senate passed the Paycheck Protection Program and Health Care Enhancement Act. The bill—a $484 billion package dubbed “Phase 3.5″—will replenish the Small Business Administration’s (SBA) loan and grant programs; provide support to hospitals and medical facilities; and expand federal, state, and local coronavirus testing efforts. The House is scheduled to vote on the legislation today after which President Trump is expected to sign it into law.
Specifically, in an effort to provide some relief to the nation’s small businesses, the deal reached by Congressional leaders and President Trump includes:
- An additional $310 billion for the SBA’s Paycheck Protection Program, with $60 billion specifically allocated for loans made by small lenders and community-based institutions;
- An extra $50 billion for the SBA’s Economic Injury Disaster Loan (EIDL) program;
- An extra $10 billion for the SBA’s Emergency Economic Injury Grant program;
- A clarification that agricultural enterprises with 500 or fewer employees are eligible to receive EIDLs and emergency grants; and
- An additional $2.1 billion for the SBA’s administrative expenses.