On Thursday 4/23, Congress allocated an additional $370 billion in relief funds for nonprofits and small businesses, building off an earlier $2 trillion measure, known as the CARES Act, which included cash payments for individuals, as well as funds for small businesses, corporations and public health. The bill was signed by President Trump on Friday, 4/24.
Here are the highlights of the new funding:
- $310 billion for Paycheck Protection Program with $60 billion set aside for small banks
- $60 billion for Emergency Economic Injury Disaster Loans (EIDL)
- $75 billion for hospitals (including rural hospitals)
- $25 billion for coronavirus testing split between the states and several federal agencies (including $750 million for tribes)
Resources specific to this bill:
H.R. 266: Paycheck Protection Program and Health Care Enhancement Act (Full Text)
Senate Amendment: S.Amdt.1580 to H.R.266 (Text)
National Law Review: Overview of Paycheck Protection and Health Care Provider provisions in H.R. 266
Independent Sector: Tips and FAQs about the CARES Act
Have you applied for the Paycheck Protection Program (PPP)? The New York Council of Nonprofits (NYCON) put together a survey to compile responses regarding nonprofit experiences with various lenders and applications. Review Realtime Survey Results Here