On Friday, April 24, 2020, President Trump signed the $484 billion Paycheck Protection Program and Health Care Enhancement Act (H.R. 622) into law, after it was approved by the House of Representatives on April 23. The Senate previously approved this measure on April 21, after days of intense negotiations between the Treasury Security and leaders of both the Republican and Democrat parties.
The new legislation provides additional funding for the Paycheck Protection Program, SBA disaster loans and emergency grants, hospitals, COVID-19 testing and SBA salaries and expenses. This legislation is a stopgap measure, providing necessary additional funding to programs enacted by the CARES Act, until the President and Congress can determine a “Phase 4” stimulus or relief package, some time next month.
More information on this legislation can be found in Senate Approves Additional Funding Bill for SBA Loan Programs posted on the Tronconi Segarra & Associates website on April 22, 2020.
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For additional information on the Paycheck Protection Program, SBA disaster loans and emergency grants, as well as other Federal, state and local relief measures, please visit our COVID-19 Resource Center on our website. If you have any questions, please contact your Tronconi Segarra & Associates advisor or a member of our response team at covid19team@tsacpa.com
This website has been prepared for general guidance on matters of interest only; it does not constitute professional advice. You should not act upon the information contained in this website without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy of completeness of the information contained in this publication; and, to the extent permitted by law, Tronconi Segarra & Associates LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this website or for any decision based on it.
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