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Stimulus Bill 3.5 Passes the Senate and House

Extended aid for small businesses and impacted industries is around the corner.

An April 21, 2020 unanimous decision by the Senate pushes forward a new round of funding to small businesses in need. H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act, extends additional funding to existing CARES Act programs. By an overwhelming majority of 388-5, yesterday’s (4/23/20) House vote passes moves to the President’s desk, where he will sign the bill into law today. The $484 billion stimulus bill resuscitates the Paycheck Protection Program (PPP) with another $310 billion, $60 billion of which is for smaller community lending institutions and credit unions who can provide greater access to employers who were previously unable to obtain loans.

Other aid will make its way to bolster economic disaster assistance ($60 billion), hospitals and other health care providers ($75 billion), and coronavirus testing ($25 billion). Rather than grant new monies to states and local governments, it will grant flexibility to the states for unused funding already received.

For a complete overview of the paycheck protection program, download our PPP Borrower Information Fact Sheet or visit our Stimulus Guidance for Employers Page.

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