President Trump signed H.R.266, the Paycheck Protection Program and Health Care Enhancement Act (the “PPP/HCE Act”) this afternoon following passage of the bill by both houses of Congress. The PPP/HCE Act provides additional funding for small business loan and grant programs administered by the Small Business Administration (“SBA”) in response to the COVID-19 pandemic. Additionally, the SBA released new guidance on the eligibility of various businesses for PPP loans.
The PPP/HCE Act also includes additional funding for hospitals and coronavirus testing, an overview of which can be found here.
The PPP/HCE Act modifies and increases funding for the Paycheck Protection Program (“PPP”) and the SBA Economic Injury Disaster Loan (“EIDL”) program, detailed below.
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