Senate approves another $484 billion stimulus package

DISCLAIMER: THIS IS CURRENT AS OF APRIL 21, 2020.

Today the Senate passed another $484 billion relief package to support small businesses impacted by COVID-19. Funds have also been allocated to hospitals and COVID-19 testing. The major funding areas are as follows:

  • Approximately $320 billion to replenish the Paycheck Protection Program, which ran through $349 billion in just 13 days. Smaller lenders, such as “community financial institutions, small insured depository institutions and credit unions with assets less than $10 billion” are expected to receive $60 billon of this estimated $320 billion.
  • $60 billion for the Small Business Administration’s Emergency Economic Injury Disaster Loan Program, of which $10 billion will be grants. This time around farms, ranchers and other agriculture entities would also be eligible to apply.
  • $75 billion for hospitals and
  • $25 billion for coronavirus testing

The bill is expected to pass the House this Thursday. And while the ink has not even touched paper in the House, there is already a discussion of another stimulus package to come – stay tuned for more details.

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