Earlier today, the House of Representatives overwhelmingly approved the $484 billion bill passed by the Senate on Tuesday and intended to provide additional relief to businesses impacted by the COVID-19 pandemic.

As we reported previously, the bill includes approximately $310 billion in additional funding for the Paycheck Protection Program (PPP). Of the $310 billion, $60 billion is reserved for smaller lenders, including community financial institutions, small insured depository institutions, and credit unions with assets less than $10 billion.

The bill also includes an additional $60 billion for the Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program ($10 billion for emergency grants and $50 billion for loans), which had also previously reached capacity.

Most of the remaining funds are earmarked for hospitals ($75 billion) and an expansion of virus testing and contact tracing nationwide ($25 billion).

The legislation now moves to President Trump, who earlier today reiterated his intention to sign it quickly.

Congress has already begun to turn its attention to the next wave of COVID-19-related legislation, which is expected to partly include relief for hard-hit state and local governments.

As more details of business relief efforts are made available, we will provide additional updates. We also continue to update our COVID-19 Resource Center, which you can access here. If you have any questions about these or any other matters, please contact your Kreischer Miller relationship professional or any member of our team.

Information contained in this alert should not be construed as the rendering of specific accounting, tax, or other advice. Material may become outdated and anyone using this should research and update to ensure accuracy. In no event will the publisher be liable for any damages, direct, indirect, or consequential, claimed to result from use of the material contained in this alert. Readers are encouraged to consult with their advisors before making any decisions.