New Coronavirus Relief Bill Passes

Yesterday, the House overwhelmingly approved a $484 billion coronavirus relief bill and sent it to the White House, where President Trump signed it into law this morning. As expected, the legislation primarily targets small businesses and hospitals that have been devastated by the ongoing pandemic. Included:

• $310 billion in new funds for the Paycheck Protection Program (PPP), including $60 billion specifically earmarked for small lenders who were largely left out of initial CARES Act funding
• $60 billion for Small Business Administration COVID-19 disaster assistance loans and grants
• $75 billion in grants to hospitals overwhelmed by a rush of COVID-19 patients
• $25 billion to bolster coronavirus testing throughout the country

As with the initial CARES Act, we’re carefully analyzing the new legislation with our clients’ needs in mind, and will be sharing insights and advice on an ongoing basis.

In the meantime, please stay in touch, and consult our COVID-19 News and Information Center for more information and resources.