Congress has just passed additional funding to support small businesses and prevent job losses. The delay in passing this legislation was simply unacceptable, but with the bill now passed, I want to focus on the positives of what is in the legislation that can help:
Paycheck Protection Program
Since passing the CARES Act, nearly 89,000 Paycheck Protection Program loans for more than $17.8 billion have been approved in Florida to help keep employees on payroll, but there are still so many small businesses that need this support and haven’t gotten it yet.
This legislation provides $310 billion in additional funding for the Paycheck Protection Program. These federally guaranteed loans can be used to provide eight weeks of cash-flow assistance to small businesses who maintain their payroll during this emergency. If employers maintain their payroll, the loans will be forgiven by the federal government.
Economic Injury Disaster Loans
Under the CARES Act, eligibility for SBA Economic Injury Disaster Loans was expanded to help small businesses dealing with the fallout of coronavirus. The legislation passed today builds on this legislation by providing $60 billion in additional funding, including $10 billion to replenish the coronavirus-related Economic Injury Disaster Loans and $50 billion for additional SBA guarantees under its broader disaster loan program.
Additional Resources For Hospitals
This legislation also provides $75 billion in additional funding for hospitals and healthcare workers who are on the front lines of this fight, including:
- Increasing the availability of personal protective equipment
- Boosting hiring for coronavirus-related health care jobs
- Ensuring all coronavirus tests are free for those who need them
- Ensuring Medicare patients can access treatment for coronavirus
Expanding Coronavirus Testing
This legislation also provides $25 billion to increase capacity and expand access to testing, including:
- Manufacturing and distributing tests
- Securing supplies and personal protective equipment needed to administer tests
- Developing rapid point-of-care tests
If you have any questions about how this bill will apply to your unique circumstances, please do not hesitate to reach out at 202-225-3026. For more information on coronavirus, please visit CDC.gov/coronavirus. You can also read the latest updates and sign up for breaking news alerts here.