Paycheck Protection Program and Health Care Enhancement

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Paycheck Protection Program and Health Care
Enhancement  (PPPHCE), the latest
coronavirus relief legislation was passed by the Senate on Tuesday 4/21, and
the House Thursday 4/23. President Trump just signed this $480 billion
dollar reinforcement to the CARES Act Friday 4/24.

The CARES Act went into effect on 3/27, and
allocated $349 billion to fund the Paycheck Protection Program (PPP). PPP
provided forgivable loans to small businesses (generally under 500 employees),
as an incentive to continue to pay their staff for the duration fo the COVID-19
emergency. The original funds ran out on 4/16. Now PPHCE allocates an
additional $310 billion to funding that program. $30 billion is allocated for
federal insured lenders with $10-$50 billion in assets. A final $30 billion is
set aside for community financial institutions with under $10 billion in
assets.

PPPHCE further expands funding available to the
Emergency Economic Injury Grant Program (EEIG). These grants are open specifically
to small businesses (generally under 500 employees) who applied for assistance
under the Economic Injury Disaster Loan Program (EIDL) and are meant to be
furnished as an advance on the loan. Businesses who are eligible may receive up
to $10,000 through EEIG (which does not need to be repaid), even if that
business is turned down for an EIDL. 

Finally, PPPHCE allocated an additional $75
billion to the Public Health and Social Services Emergency Fund, for hospitals
and healthcare providers who are responding to the emergency. This is intended
to help cover revenue lost to cancelation or postponement of elective
procedures. Funds have also been set aside for vaccine development and testing.

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