iToday, the Paycheck Protection Program and Healthcare Enhancement Act (the Enhancement Act) was signed into law. The Enhancement Act increases amounts authorized and appropriated under the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136) (the CARES Act).
The Enhancement Act provides an additional $310 billion for the Paycheck Protection Program (PPP) under section 7(a) of the Small Business Act, $50 billion for the Disaster Loan Program, and $10 billion for Emergency Economic Injury Disaster Loans (EIDL) Grants. $60 billion of the PPP funding will be set aside for loans made by smaller insured depository institutions and credit unions.
The Enhancement Act also appropriates an additional $75 billion in funding for the Public Health and Social Services Emergency Fund of the Department of Health and Human Services (the Relief Fund) for reimbursement to eligible health care providers for health care-related expenses or lost revenues that are attributable to the coronavirus, and appropriates $25 billion to the Relief Fund for necessary expenses to research, develop, validate, manufacture, purchase, administer, and expand capacity for COVID-19 tests.
