Friday, April 24, 2020

House Passes Small Business Relief Package, Heads to President


U.S. Capitol

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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