484B-Aid-Packag

On Tuesday, April 21, 2020, the U.S. Senate reached an agreement regarding the newest coronavirus aid package which includes funding for small businesses, hospitals and coronavirus testing.

The $484 billion aid package forwarded to the House includes the following:

  • More than $300 billion to replenish the federal small business loan program, the Paycheck Protection Program, which ran out of funds last week
  • $60 billion available for small businesses to obtain loans or grants from a program that was previously designed to help businesses after a natural disaster
  • $75 billion in funding for hospitals
  • $25 billion in COVID-19 testing including funds steered toward states for testing

What’s next?

A House vote is expected later this week.

President Trump has said, it’s reported, that once this aid package is signed it into law, discussions would begin over yet another round of coronavirus relief that would include money for state and local governments, investments in infrastructure, tax incentives for restaurants, entertainment and sports, and payroll tax cuts.

Apex Benefits will continue to monitor this situation and provide updates as necessary.

 

Sources include Zywave