What the New Federal Relief Package Means for Life Sciences
By: Colorado BioScience Association Date: 04/23/2020
On April 23, the U.S. House of Representatives passed the Paycheck Protection Program and Health Care Enhancement Act, and the following day President Trump signed the bill into law. The $484 billion relief package is regarded as an interim step as Congress continues to work on the next round of stimulus.
Small Business Loans
The legislation includes $320 billion to replenish funds for the Paycheck Protection Program (PPP), which provides forgivable loans to small businesses that keep employees on their payroll. $60 billion of those funds are set aside for small lenders and community banks. It also contains $60 billion for the SBA’s Economic Injury Disaster Loan (EIDL) program and makes farms and ranches eligible to participate. For more information on these small business loan programs, visit CBSA’s COVID-19 Business Resource Guide.
The interim package also provides $25 billion to expand coronavirus testing, including:
- $11 billion allocated directly to states, localities, territories, and tribes to scale up testing, laboratory capacity, contact tracing, and employer testing;
- An additional $1 billion for the CDC, $1.8 billion for the NIH, and $1 billion for BARDA;
- Up to $1 billion to cover testing costs for uninsured patients.
Hospitals and Healthcare Providers
Lastly, the bill includes $75 billion for hospitals and health care providers, with a significant portion aimed at those in rural areas. The new wave of funding is in addition to the $100 billion already allocated under the CARES Act.
CBSA continues to engage with our federal, state, and local elected officials about the needs of our ecosystem and how our community can support the COVID-19 response. We will provide additional updates on legislative efforts that impact our ecosystem and share updated resources to support our members during this challenging time.
- Join our virtual town hall with Senator Cory Gardner on Monday, April 27 to learn more about this legislation and hear about his priorities for additional relief funding.
- Ask questions about small business resources in our CO Life Sciences Connection Center.
- Let us know how CBSA can help. If we can assist you or your company at this time, please contact Jennifer Jones Paton, CBSA President & CEO or Emily Roberts, CBSA Vice President directly.