On April 24, the President signed into law The Paycheck Protection Program and Health Care Enhancement Act, which appropriates approximately $484 billion in funding for coronavirus relief. The Enhancement Act amends the CARES Act and includes:
- $321 billion to fund the Paycheck Protection Program (PPP);
- $60 billion reserved for the Emergency Economic Injury and Disaster Loan (EIDL) Program;
- $100 billion to fund a Public Health and Social Services Emergency Fund; and
- $2.1 billion for certain Small Business Association (SBA) salaries and expenses.
This alert outlines amendments to the PPP and EIDL programs, and provides guidance for PPP loan forgiveness.