CBO Estimate for H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act (April 22, 2020)
Summary
Congressional Budget Office estimate dated April 22, 2020 for H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act as passed by the Senate on April 21, 2020. It states that Division A would increase the subsidy appropriation for the Small Business Administration's Paycheck Protection Program by $321 billion in 2020 and would require the agency to use at least $60 billion of the subsidy to guarantee loans made by smaller depository institutions, credit unions, and community financial institutions. It also states that the authorization for Economic Injury Disaster Loans (EIDLs) would increase by $10 billion. Table 2, in billions of dollars, shows Division B budget authority of 100.0 for Health and Human Services (Title I) and 62.1 for the Small Business Administration (Title II).
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“CBO Estimate for H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act (April 22, 2020).”
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CBO Estimate for H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act
as Passed by the Senate on April 21, 2020
Table 1. Changes in Direct Spending Under Division A, Small Business Programs April 22, 2020
By Fiscal Year, Billions of Dollars 2020- 2020-
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2025 2030
INCREASES IN DIRECT SPENDING
Paycheck Protection Program
Budget Authority 321.3 0 0 0 0 0 0 0 0 0 0 321.3 321.3
Estimated Outlays 321.3 0 0 0 0 0 0 0 0 0 0 321.3 321.3
Source: Congressional Budget Office
Division A would increase the subsidy appropriation for the Small Business Administration’s (SBA’s) Paycheck Protection Program (PPP) by $321 billion in 2020. The legislation would
require the SBA to use at least $60 billion of the PPP subsidy to guarantee loans made by smaller depository institutions, credit unions, and community financial institutions. It also would
increase the authorization for Economic Injury Disaster Loans (EIDLs) by $10 billion; that authorization is not shown in this table because funding for EIDLs is part of the appropriations
provided in division B and is shown in Table 2.
Estimates are relative to CBO’s March 2020 baseline; enactment is assumed in April 2020.
CBO Estimate for H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act
as Passed by the Senate on April 21, 2020
Table 2. Discretionary Spending Under Division B, Additional Emergency Appropriations for Coronavirus Response April 22, 2020
By Fiscal Year, Billions of Dollars 2020- 2020-
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2025 2030
Appropriations Subcommittee
Labor, Health and Human Services, Education
Department of Health and Human Services (Title I)
Budget Authority 100.0 0 0 0 0 0 0 0 0 0 0 100.0 100.0
Estimated Outlays 51.6 42.2 4.2 1.2 0.4 0 0 0 0 0 0 99.6 99.6
Financial Services and General Government
Small Business Administration (Title II)
Budget Authority 62.1 0 0 0 0 0 0 0 0 0 0 62.1 62.1
Estimated Outlays 61.6 0.5 0 0 0 0 0 0 0 0 0 62.1 62.1
Total Changes in Discretionary
Spending
Budget Authority 162.1 0 0 0 0 0 0 0 0 0 0 162.1 162.1
Estimated Outlays 113.1 42.7 4.2 1.2 0.4 0 0 0 0 0 0 161.7 161.7
Source: Congressional Budget Office.
Division B would provide $75 billion in supplemental appropriations to reimburse health care providers for expenses or lost revenues that are attributable to the novel coronavirus. It also
would provide $25 billion to develop, purchase, administer, process, and analyze tests for COVID-19 (the disease caused by the coronavirus). In addition, it would provide $62 billion for
salaries and expenses and for loan programs of the Small Business Administration. That amount includes $10 billion for economic injury disaster loans as authorized by division A; that
funding is considered a change to a mandatory program.
The legislation would designate those amounts as emergency requirements in accordance with section 251 of the Balanced Budget and Emergency Deficit Control Act of 1985; the limits
on discretionary budget authority established by the Budget Control Act of 2011, as amended, would be adjusted to accommodate that funding.
Components may not sum to totals because of rounding. Estimates are relative to CBO’s March 2020 baseline; enactment is assumed in April 2020.
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