Update: This bill was signed into law on April 24, 2020.
Senate lawmakers agreed on April 21, 2020, to inject cash into
the Paycheck Protection Program (PPP), a mechanism for offering
forgivable loans to small businesses. Lawmakers also agreed to
allocate more money for disaster loans, healthcare providers, and
testing. These funds give businesses a second chance at relief from
the economic damage caused by COVID-19. The House is expected to
take up and pass the bill shortly, and the president has indicated
he will sign it into law.
Titled the
Paycheck Protection Program and Health Care Enhancement Act,
the bill appropriates new money to several relief programs. The
largest portion—about $310 billion—goes toward shoring
up the PPP. The PPP offers forgivable loans to small businesses
that agree to maintain their salaries, benefits, and workforces for
eight weeks after receiving a loan. Though Congress originally
dedicated $350 billion to the PPP, borrowers
