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Trump Signs Stimulus 3.5 into Law: Additional Funding Approved for Paycheck Protection Program, EIDL, Other Coronavirus Support

On April 24, President Trump held a signing ceremony to approve additional funding for COVID-19 relief. The Paycheck Protection Program and Health Care Enhancement Act, also referred to as Stimulus 3.5, authorizes funding, including:

  • $310 billion for the Paycheck Protection Program (PPP)
  • $60 billion for the SBA Economic Injury Disaster Loans and Grants (EIDL)
  • $100 billion for hospitals and coronavirus testing

This additional funding, which was approved by the Senate on April 21 and the House of Representatives on April 23 adds to the $350 billion for the Paycheck Protection Program and $17 billion for the Economic Injury Disaster Loan program that was depleted in mid-April.

Those interested in obtaining loans through the Paycheck Protection Program should contact their lender, while those interested in obtaining loans through the Economic Injury Disaster Loan should monitor sba.gov/disaster for further updates.

To discuss the economic relief options available to your business, please contact your HBK Advisor.

About the Author(s)
Amy Reynallt is a Manager with the HBK Manufacturing Solutions Group in the Youngstown, Ohio office of HBK CPAs & Consultants. She joined the firm in 2019 following 13 years in the manufacturing industry. Amy is experienced in navigating the strategic and financial matters associated with manufacturing and works closely with manufacturers to help them plan, execute, and meet their short- and long-term financial goals.
Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.