Breaking: Senate Passes New Pandemic Relief Package
On Tuesday, The Senate passed a $484 billion new relief package which will now head to the House for a vote on Thursday. Assuming House passage, the President is expected to sign the bill by the end of the week.
- Some of the items in the new package include but are not limited to: $310 billion for the Paycheck Protection Program (PPP), which ran out of funds late last week
- $60 billion is set aside for small businesses who do not have access to large financial institutions, to be divided between lenders with less than $10 billion in assets and those with $10-$50 billion
- $50 billion for SBA Economic Impact Disaster Loan (EIDL) program
- $75 billion for hospitals
- $25 billion for COVID-19 tests to be divided among federal, state, and local governments, with a requirement for a national testing strategy
- Fixes to previous COVID-19 relief measures, including giving states and localities additional flexibility to use funds allocated to address lost revenues
A summary of the SBA provisions can be found here. A summary of the health provisions for hospitals and testing can be found here.
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