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U.S. House Passes Phase 3.5 COVID Package, Sends to President for Signing

Apr 24, 2020

Late yesterday, the House passed the PHASE 3.5 COVID package. It now moves to the President for his signature. Here is a breakdown of what's included:

  • $310 billion more for the Paycheck Protection Program (PPP), which ran out of funds late last week.
    • $60 billion of which is set aside for small businesses that do not have access to large financial institutions, to be divided between lenders with less than $10 billion in assets and those with $10-$50 billion.
  • $50 billion for the Small Business Administration's Economic Impact Disaster Loan (EIDL) program.
  • $75 billion for hospitals.
  • $25 billion for COVID-19 tests to be divided among federal, state, and local governments, with a requirement for a national testing strategy.
  • "Fixes" to previous COVID-19 relief measures, including giving states and localities additional flexibility to use funds allocated to address lost revenues.

A section-by-section summary of the SBA provisions can be found here, and a summary of the health provisions for hospitals and testing can be found here.