Today, the federal government enacted the Paycheck Protection Program and Health Care Enhancement Act (the “PPP/HCE Act”) to provide additional funding for loan and grant programs in response to the COVID-19 pandemic. The PPP/HCE Act modifies and increases funding for the Paycheck Protection Program and the Small Business Administration Economic Injury Disaster Loan program, as discussed in greater detail here.
The Act also includes additional funding for hospitals and COVID-19 testing. Specifically, the Act adds $100 billion to the Public Health and Social Service Emergency Fund. This is on top of the $100 billion originally allocated to the Fund by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), as discussed here. The additional $100 billion is divided into two allotments.
Read the full article here.