H.R. 266 - Paycheck Protection Program and Health Care Enhancement Act
On April, 24, 2020, the President signed into law H.R. 266, the Paycheck Protection Program (PPP) and Health Care Enhancement Act. This bill is the fourth COVID-19 related legislative package. It replenishes funding for small business loan programs and provides additional funding to support healthcare through the following:
Small Business Act Programs
· Appropriates an additional $310 billion to the Paycheck Protection Program and an additional $10 billion for the program’s administrative costs.
- Creates a $60 billion set-aside for Insured Depository Institutions, Credit Unions, and Community Financial Institutions.
- Appropriates an additional $50 billion for Economic Injury Disaster Loans (EIDL) and $10 billion for EIDL grants.
- Allows agricultural enterprises, as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)), with not more than 500 employees to receive EIDL grants and loans.
· Provides $75 billion to reimburse hospitals and healthcare providers for COVID-19 related expenses and lost revenue.
o A portion of this funding may be transferred to Indian Health Service (IHS) directly-operated programs and tribal health programs, similar to funding transfers provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136).
· Provides $750 million to tribal nations, tribal organizations, and urban Indian health organizations, in coordination with IHS, from the $11 billion allocated to states, local governments, territories, and tribal nations to develop, purchase, administer, process, and analyze COVID-19 tests, scale up laboratory capacity, and trace the spread of the disease.