ComplianceApril 24, 2020

Congress Adds Funding for the Paycheck Protection Program and Other COVID-19 Relief Programs

H.R. 266, signed by President Trump on April 24, 2020 enacts the Paycheck Protection Program and Health Care Enhancement Act. This Act provides $484 billion in additional funds for, among other things, the Paycheck Protection Program established by the CARES Act, the Small Business Administration’s Economic Injury Disaster Loan Program, healthcare providers, and COVID-19 testing.

Highlights of H.R. 266 include the following:

  • $310 billion is allocated for the Paycheck Protection Program. Of that $310 billion, $30 billion is set aside for small lenders (including community financial institutions, insured depository institutions, and credit unions) with less than $10 billion in assets, and $30 billion is set aside for medium sized lenders – those with assets between $10 billion and $50 billion.
  • $60 billion is allocated for the SBA’s Economic Injury Disaster Loan Program – consisting of $50 billion in loans and $10 billion in emergency grants.
  • $75 billion is allocated for eligible healthcare providers.
  • $25 billion is allocated for COVID-19 testing.
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