Search results
People also ask
What is the Paycheck Protection Program & health care Enhancement Act?
What is phase 3.5 of the Paycheck Protection Program & health care Enhancement Act?
How much money does the paycheck protection program appropriate?
How much money did the government spend on a 'paycheck protection program'?
Jan 8, 2019 · Paycheck Protection Program and Health Care Enhancement Act. This bill responds to the COVID-19 (i.e., coronavirus disease 2019) outbreak by providing additional funding for small business loans, health care providers, and COVID-19 testing. DIVISION A--SMALL BUSINESS PROGRAMS.
- Actions
04/24/2020 Signed by President. 04/23/2020 Presented to...
- Titles
Titles for H.R.266 - 116th Congress (2019-2020): Paycheck...
- Cosponsors
Cosponsors of H.R.266 - 116th Congress (2019-2020): Paycheck...
- Actions
Paycheck Protection Program and Health Care Enhancement Act. 15 USC 9001 note. Making appropriations for the Department of the Interior, environment, and related agencies for the fiscal year ending September 30, 2019, and for other purposes.
- 256KB
- 12
Apr 24, 2020 · The U.S. Senate and House of Representatives approved the latest COVID-19 relief bill on April 21 and April 23, respectively. Known as the “Paycheck Protection Program and Health Care Enhancement Act” (COVID 3.5), President Trump signed the bill into law on April 24.
- How The Funds Break Down
- Paycheck Protection Program (PPP) New Funding
- Small Lender Set-Aside
- Economic Injury Disaster Loan (EIDL) New Funding
- Up to $10,000 Forgiveable Loan Advances For Eidl
- Hospital Funding
- Testing
The bill provided $370 billion in small business funding including $310 billion to the Paycheck Protection Program (PPP). Of the $310 billion, approximately $60 billion was aimed at small, medium, and community lenders with assets ranging from less than $10 billion up to $50 billion. An additional $60 billion was added in April 2020 to the Economic...
Approximately $310 billion was used to refresh the Paycheck Protection Program, which offers forgivable government-backed private loans, provided companies retain their workforce. PPP loans of up to $10 million to cover eight weeks of expenses do not have to be paid back if at least 75% of the money is spent on rehiring and keeping employees. Ot...
The PPP was so popular it ran out of funds on April 16, 2020, prompting criticism over who did and did not receive forgivable loans. As a result, the new legislation included a set-aside of at least $60 billion of the $370 billion for small lenders, including community banks, credit unions, and community development financial institutions. This set...
Another $60 billion went to the existing SBA Economic Injury Disaster Loan (EIDL) program, which offered loans of up to $2 million to companies with fewer than 500 employees. This money could be used to pay off debt, provide payroll, and pay other bills.
One of the main attractions of the EIDL program is the potential to receive an up-to-$10,000 ($1,000 per employee) advance on an EIDL loan within three days: $10 billion of the $60 billion authorization for EIDL went toward these loan advances.
The $75 billion allocated by the new legislation was directed to the U.S. Department of Health and Human Services (HHS) to reimburse providers for the cost of treating COVID-19 patients. This included funding to provide diagnosis, testing, and care of these individuals.
Finally, $25 billion was authorized to help develop and implement a national plan to helps states with testing protocols. The funds were further broken down by various jurisdictions and groups including states, localities, tribes, the CDC, National Institutes of Health and others. Areas of concentration included not only testing and contact testing...
- Jim Probasco
May 1, 2020 · On April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act was signed into law, marking the fourth major legislative initiative to address COVID-19. The...
- Kellie Moss
Paycheck Protection Program and Health Care Enhancement Act is a $484 billion law that increases funding to the Paycheck Protection Program and also provide more funding for hospitals and testing for COVID-19. The bill passed the Senate by voice vote on April 21, 2020.
The Paycheck Protection Program and Health Care Enhancement Act provided $10.25 billion transferred from the Public Health Social Services Emergency Fund (PHSSEF) that was awarded to health departments through the CDC Epidemiology and Laboratory Capacity program for testing and contact tracing.
