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$484 Billion Bill Passed for COVID-19 Funding

April 23, 2020

$484 Billion Bill Passed for COVID-19 Funding

The details of the Senate Bill:

  • Paycheck Protection Program
    • Additional $310 billion in funding (on top of $349 billion in CARES Act)
    • $30 billion carve-out for Insured Depository Institutions and Credit Unions with assets between $10 billion and $50 billion in assets
    • $30 billion carve-out for Community Financial Institutions, Small Insured Depository Institutions and Credit Unions with less than $10 billion in assets
    • Additional $50 billion for SBA Disaster Loan Program
 
  • Emergency Injury Disaster Loan Program
    • Additional $10 billion in funding (on top of $10 billion in CARES Act)
    • Expands eligibility to agricultural enterprises with less than 500 employees
 
  • Public Health Funding
    • $75 billion for hospitals and health care providers responding to the COVID-19 pandemic (on top of $100 billion in CARES Act)
    • $25 billion for testing, including $11 billion for states, localities, territories, tribes and employers