Yesterday evening, the House of Representatives passed a bill, by a 388-5 vote, that will provide $484 billion to restart the Paycheck Protection Program (PPP), which offers loans to small businesses, as well as fund hospitals and COVID-19 testing, according to the New York Times. The Senate approved the bill on Tuesday, and the president is expected to sign it today. The bill is the latest installment in an aid program that is nearing $3 trillion.

The relief package will provide $320 billion to restart the PPP loan program, enacted through the CARES Act, which ran out of money in less than two weeks. It will also provide $75 billion for hospitals and $25 billion for COVID-19 testing, and it will mandate that the White House develop a strategy for helping states procure and administer tests across the country. Congressional Democrats were unable to persuade Republicans to include direct aid to states and cities; they will seek that aid in the next round of relief funding.

The NYSSCPA will present a Not-For-Profit Town Hall Teleconference today, from 1  to 2 p.m., which will address the CARES Act and other relief bills. The event is free for Society members.