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Emergency Fund and Paycheck Protection Program Receive Additional Funding Through Fourth COVID Legislation

April 29, 2020

McDermott+Consulting

On Friday, April 24, 2020, the fourth Coronavirus (COVID-19) stimulus bill, the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), was signed into law. It provides an additional $310 billion for small business loans available through the Paycheck Protection Program, as well as an additional $75 billion toward the Public Health and Social Services Emergency Fund (the Fund) for healthcare providers. It also appropriates $25 billion for various federal agencies and state and local governments to increase COVID-19 testing capacity.

As reported last week, on April 22, 2020, the US Department of Health and Human Services (HHS) announced the process and priority for the next release from the Fund with an additional $40.4 billion to be distributed to providers over the next several weeks. This was in addition to the $30 billion that was distributed from the Fund earlier in April.

HHS has been updating the CARES Act Provider Relief Fund website with additional information about distribution, attestations, and conditions for payment. Additionally, a high-level summary of the current status of the Fund is available on the McDermottPlus Coronavirus Resource Center.

 

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For more information visit the McDermottPlus Payment Innovation Resource Center or contact Sheila Madhani at 202-204-1459/smadhani@mcdermottplus.com, Mara McDermott at 202-204-1462/mmcdermott@mcdermottplus.com or Rachel Stauffer at 202-204-1460/rstauffer@mcdermottplus.com.

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