Today, Friday, April 24, 2020, President Trump signed a $484 billion coronavirus relief package into law to provide aid to small businesses and hospitals and expand COVID-19 testing. The relief package allocates $370 billion to small businesses to help keep employees on payroll, $75 billion to aid hospitals struggling to cover costs during the crisis, and $25 billion to increase testing. The bill is Washington’s latest attempt to mitigate the devastating impact of the pandemic and rescue the economy and healthcare system.
The legislation includes:
- $310 billion in new funds for the Paycheck Protection Program, which provides small business loans that can be forgiven if used for wages, benefits, rent, and utilities. $60 billion is set aside for small lenders.
- $60 billion for Small Business Administration disaster assistance loans and grants.
- $75 billion in grants to hospitals dealing with a tremendous number of patients.
- $25 billion to increase coronavirus testing, a key element in reopening the economy.
The bill includes more than $320 billion for the Paycheck Protection Program (PPP), created by the CARES Act, which was passed late last month. The program that provides forgivable loans to small businesses that keep their employees on payroll quickly ran out of money due to heavy demand.
The bill passed the Senate earlier this week by voice vote and was approved by the House on Thursday, April 23, 2020, on a 388-5-1 bipartisan vote.
Tarlow is here to help!
Our Partners and staff members are here to provide coronavirus loan support and capital assistance and guide you through the Paycheck Protection Program (PPP) loan forgiveness process. To get started:
– For assistance with SBA loans, click here and complete and submit this form; and
– If you’ve already secured funding, for assistance with loan forgiveness planning, click here.
We are closely monitoring tax-related legislation and regulations and will continue to update you by sending communications about relevant news and changing guidelines. If you have any questions, please contact your Tarlow advisor.