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• CARES ACT Updates

  The Senate passed an additional $483.4 billion economic relief measure that will replenish a popular small-business loan program and provide funding for hospitals facing financial shortfalls due to COVID-19. The legislation would provide:
• $310 billion to restart the Small Business Administration’s Paycheck Protection Program, which ran out of money late last week amid higher-than-expected demand for the forgivable loans designed to keep workers on the payroll while businesses are closed due to the coronavirus pandemic.
• An extra $10 billion is included for administrative costs, such as fees paid to lenders participating in the program, according to sources familiar with the plan who weren’t authorized to speak publicly.
• $60 billion of the PPP funding would be set aside for smaller lenders, including state and federal credit unions and those serving communities where relationships with more established financial institutions that dominate the SBA program are scarce.
• That pot of money for “underbanked” communities will be divided in half between lenders with less than $10 billion in assets and those with between $10 and $50 billion in assets.
• $10 billion for grants of up to $10,000 each that disaster loan recipients can obtain, and $2.1 billion for the administrative costs of running that program.
• Hospitals and other health care facilities will receive $75 billion to help treat patients with the virus and address revenue shortfalls they are facing as a result of the pandemic.
• $25 billion for more COVID-19 tests as well as a nationwide testing approach, something Democrats and governors have been urging so state officials can begin to think about reopening their economies once cases begin to subside.
• The new loan program funds could run out nearly as fast as the previously approved funding, which lasted about 14 days. That will likely put a timer on Congress’ efforts to negotiate a larger, more sweeping aid package that Republicans, Democrats and the Trump administration all agree is needed. House members are expected to vote as early as today. The bill did not include expanded funding for states and local governments or increased SNAP funding.

Other financial resources:

US Small Business Administration