April 21, 2020
The U.S. Senate this afternoon passed “Phase 3.5” of Coronavirus legislation, entitled ‘‘Paycheck Protection Program and Health Care Enhancement Act.” The bill increases appropriations for the popular Payroll Protection Program by $310 Billion to a new total of $659 Billion.
The bill adds $60 Billion to the Small Business Administration’s Disaster Relief Fund, making farms and other agricultural enterprises eligible and additional funding for hospitals and testing. The bill also includes resources for states and local governments to develop, purchase, administer, process and analyze COVID-19 tests. The House is expected to vote on the legislation on Thursday, April 23, 2020.
President Trump is expected to sign the legislation, tweeting “I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing."
Author: J. Michael Vaughn, Shareholder, Enterprise Counsel Group