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Coronavirus Relief Bill Replenishes Paycheck Protection Program

The House passed the $484 billion coronavirus relief bill on Thursday, April 23, 2020. President Trump is expected to sign it into law.

A significant portion of this $484 billion aid package will replenish the small-business Paycheck Protection Program (PPP) by providing an additional $321 billion for PPP, of which $11 billion will be for administration fees. A floor of $60 billion has been set aside for lending institutions assets under $50 billion. Of this amount, $30 billion is set aside for lending institutions of assets between $10 billion to $50 billion  and the remaining $30 billion is for lending institutions with assets under $10 billion – which includes Community Development Financial Institutions (CDFIs) and Minority Deposit Institutions (MDIs).

Other portions of the bill include: $60 billion for small-business disaster loans and grants; $75 billion for hospitals; and $25 billion for coronavirus testing.

Read more here.