House Passes
Small Business Relief Package, Heads to President
The U.S. House of
Representatives passed a fourth coronavirus relief package on
Thursday afternoon, which will replenish economic assistance programs
for small businesses and provide funding to hospitals.
Titled the Paycheck Protection Program and Health Care
Enhancement Act, this latest relief bill allocates an
additional $310 billion to the Paycheck Protection Program, which was
originally created through the CARES Act in late March, and $60
billion to Economic Injury Disaster Loans
program. Additionally, this relief package expands eligibility for
EIDL advances to include agricultural enterprises with fewer than 500
employees.
Both programs are
designed to provide relief to small businesses affected by COVID-19.
PPP gives small businesses needed cash to maintain payroll,
utilities, and mortgage payments, while EIDL supports businesses
experiencing a temporary loss of revenue during the crisis.
Congress hopes this
$484 billion bill will provide economic relief to those affected by
this pandemic, which has killed more than 42,000 Americans and left over 26 million jobless in the last five
weeks.
Passed by the Senate on Tuesday, this package now
heads to President Donald Trump, who said he will sign it into law
quickly.
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