Today, Congress passed “Phase 3.5” of the coronavirus stimulus package. The Paycheck Protection Program and Health Care Enhancement Act, which Trump has indicated he supports, will now go to the President for his signature. The bill provides an additional $484 billion of spending to deal with the pandemic, including an additional $310 billion for the Paycheck Protection Program (PPP). Previous funding for this highly popular program was exhausted last Thursday.
The bill also provides an additional $10 billion for the Emergency Economic Injury Disaster (EIDL) Grants as well as an additional $50 billion allocated to the Disaster Loans Program Account. US Treasury Secretary Steve Mnuchin mentioned that he expects this will be the last surge of funds to small businesses. Funding for hospitals and healthcare providers to address coronavirus expenses and lost revenue, as well as funding to facilitate and expand COVID-19 testing, among other items, is included in the legislation.