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484 Billion Dollar Coronavirus Relief Bill - Next Step to Help Our Community

April 24, 2020
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Legislation passed to further deal with the COVID-19 crisis:

On Friday, April 24,2020, President Trump signed a $484B Coronavirus Relief Bill passed by Congress the night before. The bill provides additional money for small business loan programs, hospitals and Coronavirus testing. The bill does not provide funding for states and local governments. Details of the bill include:

 

More than $321B for the Paycheck Protection Program (PPP)

  • PPP loan provides direct incentive to keep workers on the payroll
  • PPP quickly ran out of money from CARES Act legislation ($349B)
  • $60B set aside for small businesses without established banking relationships
  • Critical to rural and minority-owned companies
     

$60B in loans and grants for the Economic Injury Disaster Loan (EIDL) Program

  • Economic support to small businesses to help overcome temporary loss of revenue
  • Loan advance of up to $10,000 is once again available
  • If already applied for EIDL, the SBA is processing applications already in their system
  • If not applied for EIDL, check the SBA application page immediately
     

$75B for hospitals and $25B for coronavirus testing

  • Funds can be used by hospitals for expenses to prevent, prepare for, and respond to Coronavirus
     

To read the full text of the bill, please click the link below.

Full Coronavirus Bill

For educational purposes only.  Information is based on data gathered from what we believe are reliable sources. It is not guaranteed by Waddell & Reed, Inc. as to the accuracy and is not intended to be used as the basis for any investment decisions. Waddell & Reed does not offer tax or legal advice.  (04/20)