COVID-19 Financial Aid Legislation Update
On March 27, 2020 President Donald Trump signed the third Coronavirus relief package totaling $2.2 trillion. It is the largest-ever injection of federal cash into the struggling US economy.
The package will deliver hundreds of billions of dollars in emergency aid and loans to floundering businesses and industries, as well as funding to states and federal agencies as they work to fight COVID-19.
Two of the seven buckets of spending could help foot and ankle surgeons with the challenges they face as a result of this pandemic.
Under the stimulus package, Small Business Administration will distribute $350 billion to small businesses that can be partially forgiven if the companies meet certain requirements. The loans will be available to companies with 500 or fewer employees.
Hospitals also secured $100 billion in grants to help fight the Coronavirus and make up for dollars they have lost by delaying elective surgeries and other procedures to focus on the outbreak.
The bill also provides approximately $1.32 billion in funding for community centers, $4.3 billion for CDC programs and response efforts, $20 billion for Veterans Affairs, $16 billion to the Strategic National Stockpile and $11 billion for the bio-pharmaceutical industry.
The bill also reauthorizes a critical telehealth program to extend the reach of virtual doctor appointments.