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Summary of New CARES Act Funding

Posted by Admin Posted on Apr 22 2020

$310 billion increase (total of $659 billion) for Paycheck Protection Program
• Sets aside the following amounts:
o $30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion; and
o $30 billion for loans made by Community Financial Institutions, Small Insured
Depository Institutions, and Credit Unions with assets less than $10 billion
• No changes to eligibility for the PPP (No c(6) fix)

$10 billion increase (total of $20 billion) for EIDL Grants and an additional $50 billion to
support EIDL Loans
• 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.

$75 billion increase (total of $175 billion) for reimbursement to hospitals and healthcare
providers
• Same language as the CARES Act

$25 billion for COVID-19 tests
• Covers expenses to research, develop, validate, manufacture, purchase, administer, and
expand capacity
• $11 billion for states and localities and includes ability to cover cost of testing for
employers
• $1 billion for CDC for contact tracing

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