Congress approves $484 billion stimulus package, including $370 billion to replenish SBA’s Paycheck Protection Program, disaster funding

    pillars on a government building

    Following last Thursday’s funding run-out of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), the government has moved swiftly to pass a new $484 billion package that will continue to finance the PPP, along with several other initiatives. The House passed the bill Thursday evening, following the Senate’s approval Tuesday, and the president signed it into law Friday morning.

    In addition to $310 billion in new funding for the PPP, the package allocates $60 billion for SBA disaster relief loans and grants, $75 billion for hospitals and health care providers, and $25 billion for the development and expansion of coronavirus testing, according to news sources.

    The $310 billion for the PPP includes $30 billion reserved for community-based lenders, small banks and credit unions and $30 billion reserved for mid-sized banks and credit unions.

    We will continue to provide additional information as it becomes available, so keep checking our Coronavirus Resource Center for updates. In the meantime, contact our national SBA loan task force or your CohnReznick engagement team for assistance with filing for these loans and providing required financial documentation.

    According to Bob Moss, CohnReznick’s National Director of Governmental Affairs, lawmakers are already looking ahead to the next legislative battle over a fifth coronavirus-related bill that could rival the size and scope of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act. One item that is expected to be included in the next package is funding for state and local governments, which Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Charles Schumer (D-N.Y.) pushed for in the interim bill. Pelosi told media on Wednesday that funding would go to those on the front lines, including health care workers, first responders, and emergency services.


    Robert C. Moss, Principal, National Director of Governmental Affairs


    Stephanie O’Rourk, CPA, Partner, Hospitality


    Donald B. Stevens, CPA, Managing Partner - Private Client Services



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    Coronavirus Resource Center

    Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice specific to, among other things, your individual facts, circumstances and jurisdiction. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.