Tomorrow, the House of Representatives is expected to vote on the next economic recovery package, officially titled the Paycheck Protection Program and Health Care Enhancement Act (PPP/HCE). The Senate passed the legislation by voice vote earlier this week. I have been calling on my colleagues in Washington to pass a measure like this to get real results for the American people, and I look forward to voting on this legislation tomorrow.
Right now, I want to provide you with key information on what is included in this bill to get critical resources to folks who need it most during these trying times. For comprehensive information regarding the Coronavirus and the federal response, click here to access my webpage where I also provide vital resources to individuals, small businesses, healthcare providers, and more.
Click here for information on the Paycheck Protection Program
This bill will provide essential funding to replenish the Paycheck Protection Program (PPP), as well asprovide additional funding for hospitals and COVID-19 testing. Specifically, it provides $310 billion for the Small Business Administration’s successful Paycheck Protection Program, which will allow the federal government to continue providing forgivable loans to cover the cost of payroll and operating expenses for small businesses. The bill also provides $60 billion for the Small Business Administration’s economic injury disaster loans and grants, including: $50 billion for economic injury disaster loans - each loan can be up to $2 million with interest rates not to exceed 4% and long-term repayment periods of up to 30 years; and $10 billion for grants of up to $10,000 that do not have to be repaid. This legislation will now also allow agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees to receive EIDL grants and loans.
This legislation also provides $75 billion to support the heroes on the front lines of this crisis and our healthcare system, including additional funding to reimburse hospitals and healthcare providers for lost revenues and expenses related to the outbreak. Finally, this bill will provide $25 billion to expand testing, including $11 billion for states, localities, territories, and tribes to develop, purchase, administer, process, and analyze COVID-19 tests, scale-up laboratory capacity, trace contacts, and support employer testing. Funds are also made available to employers for testing. Expanding testing will provide information on where cases are occurring, and support continued eﬀorts to reopen communities and reignite our record-breaking economy.
I will continue to provide you with updates as more information becomes available. Click here to ensure you never miss an update, and be sure to follow me on Facebook and Twitter for up-to-the minute news, information, videos, and graphics on my efforts to keep our communities, Commonwealth, and country healthy and economically sound during this chapter of our nation’s history.