Senate Passes New Pandemic Relief Package
September 28, 2020
The Senate passed a $484 billion new relief package which will now head to the House for a vote on Thursday. Assuming House passage, the President is expected to sign the bill by the end of the week.
Some of the items in the new package include but are not limited to:
- $310 billion for the Paycheck Protection Program (PPP), which ran out of funds late last week
- $60 billion is set aside for small businesses who do not have access to large financial institutions, to be divided between lenders with less than $10 billion in assets and those with $10-$50 billion
- $50 billion for SBA Economic Impact Disaster Loan (EIDL) program
- $75 billion for hospitals
- $25 billion for COVID-19 tests to be divided among federal, state, and local governments, with a requirement for a national testing strategy
- Fixes to previous COVID-19 relief measures, including giving states and localities additional flexibility to use funds allocated to address lost revenues
A summary of the SBA provisions can be found here. A summary of the health provisions for hospitals and testing can be found here.
If you have any questions, please contact Misty Baker at Misty.Baker@benefitmall.com or David Mordo at David.Mordo@benefitmall.com.
