This afternoon the U.S. Senate met in a pro forma
session and passed a nearly $500 billion "interim"
COVID-19 stimulus package by voice vote. The bill named the Paycheck Protection Program and Health Care
Enhancement Act (H.R. 266) includes additional funding for
the small business Paycheck Protection Program (PPP), along with
supplemental funding for healthcare providers and testing
capabilities.
Notably, the legislation does not include language preventing
publicly traded companies from applying for small business funds,
however, the U.S. Treasury Department is planning guidance that
will limit access to these companies. The legislation also does not
contain language, as previously requested by Democratic leaders,
defining Washington, D.C. as a state for funding purposes. While
Congress has typically defined "states" as the 50 states
and D.C. in funding legislation, the CARES Act (P.L.116-136) was
drafted by Senate Republicans to lump D.C. in with the
