On April 24, 2020, the President signed the $484 billion coronavirus relief bill that will provide additional relief to employers and hospitals that are struggling as a result of the COVID-19 pandemic. The bill, being referred to as CARES 2, will replenish funding for relief that was quickly exhausted after the CARES Act was enacted in March. The funding is allocated as follows:

  • Paycheck Protection Program - $310 billion ($60 billion of which is set aside for smaller lending facilities and community financial institutions)
  • Economic Injury Disaster Loan Program - $60 billion
  • Department of Health and Human Services - $100 billion

This is the fourth piece of legislation passed by Congress in response to the pandemic, injecting new money and aid into small businesses and hospitals, as well as funding for COVID-19 testing. With some of the confusion and hurdles around the initial roll-out of the CARES Act, many businesses missed out on the funding. This new bill attempts to correct these issues and will hopefully provide much-needed relief to many businesses in a timely manner.