Legislative Affairs

COVID 3.5 Relief Bill: PPP & HCE Act

  • 1.  COVID 3.5 Relief Bill: PPP & HCE Act

    Posted 04-22-2020 14:41

    Congress is working on a phase "3.5" COVID-19 relief package, which unanimously passed the Senate yesterday and is moving to the House for consideration on Thursday. The bill is expected to pass, and would provide extra financial assistance for businesses and hospitals and funding for more COVID-19 testing.

    The Committee for Education (CEF) reports that the "Paycheck Protection Program and Health Care Enhancement (PPP & HCE) Act" would provide (see bill text and bill summary):

    • $350 billion more for the Paycheck Protection Program (PPP) (the third COVID package, the CARES Act, already appropriated $349 billion for loans to small businesses through the program, but it was quickly depleted).
      • $50 billion would flow through the Small Business Administration's Economic Injury Disaster Loan Program and set aside $125 billion for "unbanked" minority and rural businesses.
    • $100 billion for the Department of Health and Human Services to provide:
      • $75 billion for assistance to hospitals 
      • $25 billion for coronavirus testing
    Unfortunately, the package did not include additional financial assistance for state and local governments, however ASBO International will continue to work with the Legislative Advisory Committee and education coalitions to advocate for state and school district relief in the next "COVID 4" package.

    For a refresher on all COVID-related relief bills and relevant education funding provisions, read AASA's blog. If you have feedback on how ASBO International can advocate for your schools during COVID-19, please contact us



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    ASBO USA
    asbousa@asbointl.org
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  • 2.  RE: COVID 3.5 Relief Bill: PPP & HCE Act

    Posted 04-24-2020 12:25
    The Paycheck Protection Program and Health Care Enhancement (PPP & HCE) Act passed the Senate earlier this week, and passed the House last night, 388-5. The "COVID 3.5 / 4" spending package will now go to the president for signature as lawmakers move on toward negotiating another, broader COVID relief bill. The Committee for Education Funding (CEF) reports that the final version of the stimulus bill totals $484 billion, and would allocate $320 million for the Paycheck Protection Program (PPP) for small businesses.

    CEF has also shared a resource with us from the ACG Advocacy group about how the Federal Reserve is taking action to help businesses and the economy during the COVID-19 pandemic. It includes information on the Fed's actions with Money Market Mutual Fund Liquidity Facility (MMFLF), borrowing rates to preserve access to credit during the crisis, and other banking and business programs which may affect school district financing during these times.

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    ASBO USA
    asbousa@asbointl.org
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