With the 4th legislative package passing 388-5 and signed into law on April 24, an additional $484 billion will be infused into the economy in the coming weeks:
- $310 billion for the Paycheck Protection Program (PPP) loans—including smaller lenders
- $60 billion for separate disaster loans to small businesses
- $75 billion for hospitals
- $25 billion for virus testing
In addition to the FY2021 bills being drafted with markups expected in May, a 5th coronavirus response package is expected although partisanship is dominating the process as Democrats work to expand the social safety net of food, housing and other assistance programs and provide $500 billion to state and local governments—many on the brink of bankruptcy—Republicans express concerns about continued spending. President Trump appears to side with Democrats in wanting to provide funding needed to support the economy.
Thus far, the PPP has supported over 1.66 million small businesses and protected over 30 million jobs. About 88 million Americans have received aid payments worth nearly $158 billion—this is over half of the virus stimulus payments of up to $1,200 for adults that the IRS will send out. The IRS plans to send more than 150 million payments in total equalling about $292 billion. Meanwhile, the Health and Human Services Department is spending about $256 million to secure drugs and pharmaceutical ingredients needed during the pandemic to address the nearly depleted supply chain. Also, as part of the Supply Chain Stabilization Task Force, FEMA is executing a whole-of-America approach to respond to the limited supply of critical equipment by focusing on areas highly impacted in need of supplies. As of April 12, FEMA has coordinated the delivery of 38 million N95 respirators, 32.6 million surgical masks and 10,448 ventilators, among other items. Finally, BARDA, DoD and NIH continue to manage grants and contracts for innovations.