House Passes Additional Stimulus Funding

WASINGTON, D.C. (April 24, 2020)—Late Thursday night, the House of Representative passed H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act, legislation providing additional funding for hospitals and health care providers, testing and replenishing small business loan programs including the Paycheck Protection Program.The Senate had previously approved the legislation on Wednesday.

AAHomecare noted in a recap of the Senate action, the bill provides an additional $75 billion in funding for health care providers, and companies seeking relief will need to submit an application demonstrating a need for funding.

It is expected that the Centers for Medicare & Medicaid Services will issue additional details about how to apply for funds and demonstrate financial need. The purpose of the funds are as follows:

• Funds are to prevent, prepare for, and respond to coronavirus, domestically or internationally.
• Funds are for necessary expenses to reimburse, through grants or other mechanisms, eligible health care providers for health care related expenses or lost revenues that are attributable to coronavirus.
• Funds may not be used to reimburse expenses or losses that have been reimbursed from other sources or that other sources are obligated to reimburse.

The legislation also provides an infusion of $310 billion to the Paycheck Protection Program, as well as $60 billion for economic injury disaster loans and emergency grants, which should allow more companies to participate in these heavily subscribed programs.

You can find the complete bill text here. The President is expected to sign the bill quickly.