DIVISION A–SMALL BUSINESS PROGRAMS
The $500 billion Paycheck Protection Program and Health Care Enhancement Act became law on April 24, 2020. It is a supplement package to the Coronavirus Aid, Relief, and Economic Security (CARES) Act which was signed into law last month in response to the COVID-19 (coronavirus) outbreak.
This bill responds to the COVID-19 outbreak by providing additional funding for small business loans, health care providers, and COVID-19 testing. This Act:
- Gives additional lending authority for specific Small Business Administration (SBA) programs in response to COVID-19;
- Advances on emergency economic injury disaster loans made in response to COVID-19, and expands loan eligibility and advances to include agricultural enterprises;
- Requires the SBA to guarantee paycheck protection loans made by small banks, community financial institutions, and credit unions.
DIVISION B–ADDITIONAL EMERGENCY APPROPRIATIONS FOR CORONAVIRUS RESPONSE
This division provides supplemental appropriations for the Department of Health and Human Services (HHS) and the SBA in response to COVID-19.
TITLE I — DEPARTMENT OF HEALTH AND HUMAN SERVICES
This title provides
- $100 billion to HHS for the Public Health and Social Services Emergency Fund, including
- $75 billion to reimburse providers for health care related expenses or lost revenues attributable to the coronavirus outbreak; and
- $25 billion for expenses to research, develop, validate, manufacture, purchase, administer, and expand capacity for COVID-19 tests to effectively monitor and suppress COVID-19.
TITLE II–INDEPENDENT AGENCIES
This title provides FY2020 supplemental appropriations to the SBA, including
- $2.1 billion to cover expenses related to COVID-19 programs;
- $50 billion for the Economic Injury Disaster Loan (EIDL) program, and
- $10 billion for Emergency EIDL grants.