Coronavirus Relief Package
On Tuesday, April 21, the Senate approved extra stimulus funding amounting to an additional $484 billion. The House approved the measure on Thursday, April 23 and the President is expected to sign it on Friday, April 24. There are four tranches broken down as follows:
- $310+ billion to replenish the Paycheck Protection Program, with $60 billion specifically earmarked to assist small businesses that do not have an established banking relationship, such as rural and minority-owned companies;
- $75 billion to assist hospitals meet the budget crises caused by the cancellation of elective surgeries and other factors leading to decreased revenue;
- $60 billion to further fund the Economic Injury Disaster Loan program and the grants that are being provided with these loans; and
- $25 billion to begin steps to ramp up widespread COVID-19 testing across the country.
Based on the information out of Washington at this time, an additional stimulus package will be discussed in the coming weeks. Areas considered for support in the next bill include states and local governments, the Postal Service, hazard pay for front-line workers, tax incentives, and a payroll tax cut. Both chambers of Congress are expected to remain out of session until at least May 4, so we do not expect additional legislation before then.
Please feel free to let us know if you have any further questions at this time.
