Apr 24 2020
On Friday, April 24, 2020, President Trump signed into law the Paycheck Protection Program and Health Care Enhancement Act (the “Act”), which amends the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The $484 billion relief package includes a $310 billion increase in funding for the Paycheck Protection Program (“PPP”), bringing the total authorized funding for the PPP to $659 billion. The Act also provides an additional $10 billion to the Small Business Administration (the “SBA”) to provide emergency grants of up to $10,000 under the Economic Injury Disaster Loan (“EIDL”) program, and an additional $50 billion for the SBA to provide EIDL emergency loans.