Legislation funds Paycheck Protection Program; Economic Injury Disaster Loans
WASHINGTON, D.C. – U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Commerce Committee, released the following statement today after the Senate passed legislation further funding the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) and Grants to assist small businesses during the outbreak of COVID-19. The legislation also includes increased funding for hospitals and more testing capacity.
“Today, the Senate agreed to further invest in successful relief programs during this uncertain time. PPP has helped support thousands of small businesses and their employees in Nebraska, and our state has received more loans per capita than any other. This will ensure more people can access this valuable program that is keeping workers employed and businesses in their communities. This legislation will also help keep us safe by expanding testing capacity and providing hospitals the resources they need to continue combating this pandemic,” said Senator Fischer.
More information:
Paycheck Protection Program: The legislation provides $310 billion to support the PPP, which was established by the CARES Act last month and provides forgivable loans to help businesses maintain their workforce during the COVID-19 crisis. As of April 16th, Nebraska has had 23,477 loans approved for a total of $2,998,890,489. This amount is enough to cover three-fourths of Nebraska’s eligible payrolls – the highest percentage in the nation, according to Bloomberg News.
Economic Injury Disaster Loans and Grants: It also provides $50 billion for EIDL loans, and $10 billion for EIDL grants. This existing program, which is intended to help replace lost revenue for small businesses suffering temporary hardships due to disasters, was extended by the CARES Act to include businesses impacted by COVID-19.
Hospitals and testing capacity: The Department of Health and Human Services (HHS) will receive an additional $75 billion to distribute to hospitals combating the pandemic. This is in addition to the $100 billion already designated for hospitals under the CARES Act. Additionally, the legislation provides $25 billion to expand COVID-19 testing capacity.
