Senate Passes $484B Coronavirus Relief Package to Help Small Businesses, Hospitals, and to Expand Testing

April 22, 2020

Dear Clients, Colleagues and Friends,

After nearly two weeks of negotiations, the Senate has passed an additional COVID-19 relief package worth $484 billion. Highlights of the bill include an additional $310 billion in funding for the Paycheck Protection Program (PPP), $60 billion to the Small Business Administration (SBA) for the Economic Injury Disaster Loan (EIDL), $75 billion for hospitals and $25 billion for COVID-19 testing. The House is expected to vote tomorrow, and the president has indicated that he would sign the bill.

While over 1.6 million loans were approved under round one of funding of the PPP, many businesses who submitted a PPP loan application have not yet been approved for their loan. This round two of funding should provide much needed assistance for businesses who previously filed a PPP loan application and are still waiting for approval. In addition, the EIDL program should begin accepting new applications after the SBA recently stopped accepting new applications due to a lack of funding.

These loan programs exhausted their initial funding in a very short period of time. We strongly encourage anyone who is eligible and interested in these programs to apply immediately after the president signs, if they have not done so already. 

If you have any questions or need further information, please contact your P&N professional directly, or dial 212-736-0055 for immediate help. For additional updates and guidance regarding COVID-19, please visit the ‘News’ section of our website at www.pntax.com.

Stay Safe,

Presti & Naegele