Senate Passes Additional Funds For The Paycheck Protection Program

Yesterday, the Senate passed a $484 billion interim coronavirus funding bill that includes $310 billion in additional funds for the Paycheck Protection Program (PPP). The Paycheck Protection Program and Health Care Enhancement Act passed by a voice vote in the Senate following extensive negotiations between Senate Republicans, Senate Democrats, the Trump Administration and House leadership.

The bill now goes to the House for a vote that could happen as early as Thursday. Members of the House are currently heading back to Washington in anticipation of the vote. It is expected that the House will debate the merits of the bill but pass the bill without any changes and the President has said he will sign the bill into law.

HIGHLIGHTS FROM THE BILL:

• $310 billion of additional funds for the Paycheck Protection Program
  • $60 billion set aside for small institutions
    • $30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion
    • $30 billion for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion
• $50 billion for the Economic Injury Disaster Loans
• $10 billion for Economic Injury Disaster Grants
• $75 billion for reimbursements to hospitals and healthcare providers to support the need for COVID-19 related expenses and lost revenue
• $25 billion for expenses to research, develop, validate, manufacture, purchase, administer, and expand capacity for COVID-19 tests.
• $2.1 billion for Small Business Administration administrative expenses

Looking for information on the Paycheck Protection Program and how to apply? Check out this resource for RV Industry Association members.

Full Text Of The Bill Available Here

Analysis Of Paycheck Protection Program Increase Section Available Here

Summary Of Hospital And Testing Section Available Here