Bipartisan Legislation Expands Testing and Helps Small Businesses and Hospitals Impacted by the COVID-19 Pandemic
Congressman David B. McKinley, P.E. (R-W.Va.) issued the following statement after the House passed H.R. 266, the Paycheck Protection Program and Health Care Enhancement (PPP and HCE) Act:
“The Coronavirus pandemic has left a trail of destruction in its wake – hundreds of thousands who have been diagnosed with the virus, nearly 50,000 dead, and many millions more who have lost their livelihood and are feeling financial pain as a result. Last week over four million Americans lost their jobs, bringing the total number of people out of work to more than twenty-six million.
Unfortunately, rather than helping small businesses stay afloat and keeping workers employed, some in Washington decided to play partisan games and delay funding for small businesses. Thankfully, today we were finally able to pass legislation to help keep Americans employed and aid our economy.
This legislation adds $310 billion in funding to the Paycheck Protection Program and $60 billion to the Economic Injury Disaster Loan (EIDL) program, both of which are critical in helping small businesses stay alive and maintain payroll during this period of distress. The bill also includes $75 billion for hospitals and health care providers, ensuring rural hospitals will receive this much-needed funding to endure this pandemic. Lastly, $25 billion is provided for additional testing, which is vital to reopening the economy.
“The Coronavirus truly is an invisible enemy, and it’s vital that all Americans pull together to come through this difficult time. As we move forward, more action will likely be needed, but this legislation helps our small businesses, health care providers and others during this unprecedented time,” said Rep. McKinley.
Background:
The Paycheck Protection Program and Health Care Enhancement Act is Congressional response 3.5 to the COVID-19 pandemic. The relief package provides more funding to the Paycheck Protection Program and Economic Injury Disaster Loans (EIDL), additional funding to medical providers and more funding for testing.
Highlights Include:
$310 billion in addition funds for PPP
$60 billion set aside for smaller lenders/CDFIs/minority owned lenders
$50 billion for EIDL
$10 billion for SBA EIDL advance/grant program
$75 billion for hospitals and health care providers to support the need for COVID-19 related expenses and lost revenue. Language remains the same as the CARES Act.
$25 billion for necessary expenses to research, develop, validate, manufacture, purchase, administer, and expand capacity for COVID-19 testing.