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New COVID-19 3.5 Relief Act Signed Into Law

Apr 24, 2020

On April 13, AAPM&R sent a letter to Congress regarding the fourth COVID-19 package that is currently being negotiated. In our letter, we advocated for PPE access, access to post-acute care treatment for COVID-19 patients, telemedicine, and financial security for physiatrists including additional funds to the Paycheck Protection Program (PPP).

In response to our diligent advocacy efforts, the “Paycheck Protection Program and Health Care Enhancement Act” (“COVID 3.5”), was officially signed into law today, April 24.

The bill provides $484 billion in additional funding to replenish and supplement key programs under the CARES Act, including the PPP, small business disaster loans and grants, hospitals and health care providers, and testing. The small business loan programs authorized under the CARES Act had been quickly depleted after only two weeks of operation.

Some components of the bill are listed below:

  • Paycheck Protection Program (PPP): Appropriates an additional $321 billion in funding, with $60 billion set aside for small, midsize, and community lenders (including minority lenders).
  • Disaster Loans: Appropriates an additional $50 billion for the Disaster Loans Program and an additional $10 billion for Emergency EIDL Grants.
  • HHS Hospital and Provider Grants under the Public Health and Social Services Emergency Fund: Provides an additional $75 billion to support the need for COVID-19 related expenses and lost revenue due to coronavirus.

Visit our website for more information on the Paycheck Protection Program, including how to apply. As your specialty society, we will continue advocating on your behalf for additional physician relief.