On Thursday afternoon, the United States House of Representatives passed the latest COVID-19-related emergency economic stimulus plan. The plan was approved by the United States Senate on Wednesday and is due to be quickly signed into law by President Donald Trump. 

The initiative will bring $320 billion dollars in funding to the beleaguered Paycheck Protection Program (PPP) and $10 billion to the emergency Economic Injury Disaster Loan Program (EIDL). Both programs are targeted towaed helping small- to medium-sized businesses keep their employees on payroll. PPP offers forgivable low-interest loans that can be used to cover payroll costs and overhead for businesses that operate with fewer than 500 employees. The EIDL brings similar funding to companies located in specific areas severely impacted by the crisis. 

The American Institute of Architects (AIA) praised the passage of the bill in a press release encouraging “firms in financial need to apply for available loans quickly as funds are limited.” The group indicates that “AIA members issued more than 3,600 letters to members of Congress advocating for additional federal funding of PPP and EIDL,” and that “in addition to continuing to lobby for economic relief for firms, AIA is also  urging Congress to provide significant investment in 21st Century infrastructure—including hospitals, schools, affordable housing, and other public buildings—to revive the economy and achieve the resilient communities that are needed to address current needs and respond to future threats like pandemics and climate change.”

Reacting to the passage of the latest aid bill, AIA EVP/Chief Economic Officer Robert Ivy writes, “Many businesses across the country—including architecture firms—are in dire need of additional funding to pay their staffs and keep their doors open. We appreciate that Congress continues to make loans available, but we encourage its continued support for the economic relief that is critical to businesses remaining viable today and during the long road ahead to recovery.”

The additional funding, CNBC reports, will come with additional requirements that are designed to limit the ability of large, publicly-traded companies from accessing the funds. In recent weeks, as the initial funding allocated for these programs became depleted, it came to light that the PPP program was being accessed by large companies who had exploited loopholes in the law to receive funds originally earmarked for smaller, less financially nimble business entities. 

The passage of the latest aid bill comes as an additional 4.4 million Americans file initial unemployment claims, adding to the more than 16 million who have done so in the five weeks since the COVID-19 crisis began to take hold.