President Trump has signed the $484 billion bill passed by the House Thursday afternoon.
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).
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.
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