Latest COVID-19 Relief Package Provides Funds for Hospitals, Testing, Small Businesses

April 28, 2020

The latest legislative package aimed at stabilizing the United States (U.S.) economy and bolstering the health care system during the COVID-19 crisis was recently signed into law. The ‘‘Paycheck Protection Program and Health Care Enhancement Act,’’ provides about $475 billion to key programs under the CARES Act, including the Paycheck Protection Program (PPP), and provides additional funds for COVID-19 testing and to aid hospitals and small businesses.

Specifically, the legislation provides:

  • A total of $100 billion toward health care:
    • $75 billion for hospitals
    • $25 billion for COVID-19 testing:
      • $11 billion of this will be distributed to states; the rest will go to federal agencies doing serology work, research, development, and deployment of testing.
         
  • A total of $310 billion toward PPP:
    • $250 billion unrestricted for PPP
    • $60 billion in PPP set aside for smaller institutions
       
  • A total of $62.1 billion toward small business loans:
    • $50 billion for Economic Injury Disaster Loans (EIDL)
    • $10 billion for EIDL Advance grants
    • $2.1 billion for Small Business Administration administrative expenses

The bill makes no changes to the Coronavirus Relief Fund for state and local governments, however discussions about addressing state and local needs in future legislation are ongoing.

ASCO has prepared resources to help keep members up-to-date on new legislative, regulatory, and private payer developments that will impact oncology practices—including a summary of financial assistance from the federal government, a Quality Payment Program hardship exemption guide, and telehealth and private payer guides.

ASCO’s other COVID-19 resources are also available to support clinicians, the cancer care delivery team, and patients with cancer. Policy updates related to COVID-19 are also available on ASCO in Action.