In March, Congress passed the CARES Act into law, taking important steps to help small businesses, keep employees on the payroll, and provide direct support for Americans with immediate financial relief. However, programs created by the CARES Act, like the Paycheck Protection Program (PPP) and the Emergency Economic Injury Grants, quickly ran out of funding.
That’s why I drove down to D.C. last week to vote on the 4th Coronavirus Emergency Response bill. I was proud to pass further economic stimulus relief, providing more funding to our small businesses and nonprofits as well as much-needed funding for hospitals. The bill takes a key step toward recovery, requiring a nationwide strategy for expanding testing procedures.
This increased funding refills the coffers of the PPP and sets aside $60 billion for financial institutions like credit unions, CDFIs and Minority Deposit Institutions to give smaller businesses without traditional banking relationships a fighting chance to access this support. The bill Congress passed includes:
· $310 billion in funding for the Paycheck Protection Program
· $60 billion in funding for Economic Injury Disaster Loan (EIDL)
· $75 billion in funding for hospitals and healthcare workers
· $25 billion in funding for coronavirus testing
While this latest bill did not include additional funding for states and municipalities, I will continue to fight to ensure our communities, residents and first responders receive the support they need to get through this difficult period.
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