Today President Trump signed the "Paycheck Protection Program and Health Care Enhancement Act." This is a supplemental COVID-19 bill. Highlights of the bill include:
- Provides $75 billion more for hospitals, physicians and health care providers to support COVID-19 related expenses and lost revenue. Language remains the same as in the Coronavirus Aid, Relief and Economic Security (CARES) Act and is in addition to the original $100 billion.
- Increases funding for the Small Business Administration's Paycheck Protection Program by $310 billion.
- Creates $60 billion in set asides for insured depository institutions, credit unions and community financial institutions to provide the Paycheck Protection Program loans.
- Increases the authorization level for the Emergency Economic Injury Disaster Grants from $10 billion to $20 billion and appropriates an additional $10 billion.
- Appropriates an additional $50 billion for the Disaster Loans Program account to remain available until expended.
- Provides $25 billion to expand COVID-19 testing capabilities, including $11 billion for states and localities and dedicated funding for FDA, community health centers and rural health clinics.
- Requires a strategic plan to provide assistance to states for testing and for increasing testing capacity.
Read the full summary of the bill. A CARES 2.0/COVID 4.0 bill is already under development as well for consideration in early May and will cover a wider range of issues.