• Congress and White House Reach Deal to Replenish the Paycheck Protection Program

  • Congress and White House Reach Deal to Replenish the Paycheck Protection Program

    April 21, 2020 NFCH-20-02
       
     
    Just shortly ago, the Senate approved another COVID-19 relief bill known as the “Paycheck Protection Program and Health Care Enhancement Act” delivering $484 billion to small businesses, hospitals and for testing. Importantly for petroleum marketers with less than 500 employees, the deal includes $321 billion in additional funding for the depleted Paycheck Protection Program (PPP) designed to help small businesses keep employees on the payroll, $60 billion of which is set aside for small lenders and community financial institutions. The package also appropriates an additional $50 billion for the SBA’s disaster loan assistance program and $10 billion for the Economic Injury Disaster Loan (EIDL) grants which provides up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Finally, the package provides $75 billion in funding for hospitals as well as $25 billion for COVID-19 testing resources.

    The House is expected to clear the measure on Thursday and the White House has indicated it will sign the bill into law.