Additional $484 Billion in Aid Heads for Businesses and Hospitals

On Friday, April 24, the federal government signed into law an additional $484 billion in relief funds, targeting mainly small businesses and hospitals. The new bill comes on the heels of the CARES Act from late March and is meant to further support the programs and relief efforts it established. 

One of the primary provisions of the CARES Act was the Paycheck Protection Program (PPP). Originally meant to remain available through June 30, the program offered loans to small businesses, providing either $10 million or up to eight weeks of payroll and other expenses, forgiving the loans if businesses maintain their pre-crisis workforce. Unfortunately, the program quickly ran out of money. 

The new bill adds another $310 billion in funding, with $60 billion of that specifically set aside for small lenders. You can find all the details on how to apply for the PPP on the Small Business Association (SBA) website. 

On top of that, the additional funds include $60 billion to support the Economic Injury Disaster Loan program, $75 billion for hospitals and practices struggling with lost revenue, plus another $25 billion specifically set aside to expand coronavirus testing. 

Given how quickly the PPP exhausted its initial funding, and the growing call for additional testing support throughout the country, this is unlikely to be the last bill of its kind during the crisis. Congress has already begun discussions for the next round of funding.