COVID-19 3.5 Emergency Relief Passes The House
on April 23, 2020
Today the House overwhemlingly passed the $484 billion agreement to deliver more pandemic aid to small businesses and hospitals, in addition to federal, state and local coronavirus testing. The President is expected to sign the bill either tonight or tomorrow.
- $310 billion unrestricted for PPP
- $60 billion in PPP set aside for smaller institutions (Banks and Credit Unions)
- $30 billion for assets less than $10 billion
- $30 billion for assets between $10 billion and $50 billion
- $50 billion for EIDL loans
- $10 billion for EIDL Advance grants
- $2.1 billion for SBA administrative expenses
$75B for hospitals (same language as PHSSEF from CARES)
$25B for testing ($11B of this will be distributed to states, rest will go to CDC, BARDA, FQHC, NIH, NCI (they are doing the serology work) and others for research, development, and deployment of testing.
This is great news for DMEPOS suppliers as it means additional funding availabilities. We’ve heard from many of you that have not received a PPP funding from you bank. If you haven’t received any PPP dollars yet, it is recommended that you reach out to your credit union or bank this week to ensure you are first in line to receive these dollars.