Key provisions of the fourth stimulus package passed by Congress, and signed by President Trump, includes the following:
| Paycheck Protection Program (PPP) | Provides an additional $310 billion in new funds for the PPP loans. $60 billion is earmarked for small banks, credit unions, and minority-owned banks. For additional information: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program |
| Economic Injury Disaster Loan Program (EIDL) | Provides an additional $50 billion for SBA administered loans for small businesses. For additional information: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources |
| Economic Injury Disaster Loan Program Loan Advance | Provides an additional $10 billion for $10,000 emergency loan advances that may not require repayment. For additional information: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance |
| Aid for the healthcare system | Provides $75 billion in grants to hospitals serving COVID-19 patients. |
| Support for development of testing | Provides $25 billion to further support the development of testing for COVID-19. |
For additional information about these lending programs, please see our prior Tax Alert and contact your HCVT professional. Additional helpful information can be found at the U.S. Department of Treasury site.
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