The U.S. Senate has approved a $2.2 trillion economic stimulus package to combat the economic effects of the COVID-19 virus. The Senate vote was 96-0. The House is expected to vote on the bill on Friday, March 27, 2020.
Please see A Message from BIO with an explanation of the bill and the benefits for life science companies. BioFlorida serves as the state affiliate for the national Biotechnology Innovation Organization (BIO) in Florida.
The Senate has just passed the third coronavirus stimulus bill, and it is headed to the House for quick approval tomorrow and then to the White House for President Trump’s signature.
I’m pleased to report that we have had great success in this bill with respect to securing a major small business loan program to help our emerging companies keep the lights on and their employees working during this difficult financial time – loans that, subject to certain conditions, could ultimately be forgiven and thus become grants. The bill also contains various tax relief mechanisms that will help ease the burden on our smaller companies in particular.
In addition, the bill contains some new requirements on our healthcare companies involved in drug development and manufacture with respect to drug shortage disclosure and risk planning – though we were able to avoid many of the more onerous requirements that had been under consideration, while mitigating the impact of those ultimately included.
A summary of these provisions is available here. BIO will continue to update you on implementation of this legislation. In particular, I understand businesses are eager to begin the process of applying for the new loans. We will provide additional information on how to begin the process as soon clearer guidance on the application is developed.
Members of the BioFlorida network include emerging and established life science companies, universities, research institutions, hospitals, medical centers, incubators, economic development agencies, investors and service providers.