24 Apr

4/24/20: House approves additional SBA disaster loan program funding (details below)

 

4/24/20:  The house approved a $484 billion plan, The Paycheck Protection Program and Health Care Act, to inject additional funding into SBA disaster loan programs — both the Paycheck Protection Program (PPP) and the Emergency Injury Disaster Loan (EIDL).
 
The details:
Paycheck Protection Program
  • Additional $310 billion in funding (on top of $349 billion in CARES Act)
  • $30 billion carve-out for Insured Depository Institutions and Credit Unions with assets between $10 billion and $50 billion in assets
  • $30 billion carve-out for Community Financial Institutions, Small Insured Depository Institutions and Credit Unions with less than $10 billion in asset
  • Additional $50 billion for SBA Disaster Loan Program
For information on the PPP: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
Emergency Injury Disaster Loan Program
  • Additional $10 billion in funding (on top of $10 billion in CARES Act)
  • Expands eligibility to agricultural enterprises with less than 500 employees
For information on Disaster Assistance: https://www.sba.gov/funding-programs/disaster-assistance
 
Public Health Funding
  • $75 billion for hospitals and health care providers responding to the COVID-19 pandemic (on top of $100 billion in CARES Act)
  • $25 billion for testing, including $11 billion for states, localities, territories, tribes and employers
The CARES Act was the third of the ‘COVID-19’ relief bills passed by the Federal Government. The bill passed last night (The Paycheck Protection Program and Health Care Act) should be considered ‘covid-3.5’. This bill was not, nor was it intended to be, of a similar scale and scope as CARES. There is already a fourth bill being discussed by Congress to provide additional relief and support to our economy.
 
The timeline for the next bill is hard to pin down, but it appears likely we will not see significant movement until the middle of May. There are several items that still need to be addressed in future relief bills including infrastructure, increased testing, targeted economic development funding, payroll tax relief, and direct assistance to states and local governments.The NYSEDC will continue to advocate on behalf of our membership for the resources and support we need. We will share additional information as it becomes available
  
New York State Economic Development Council (NYSEDC)
111 Washington Ave.
Albany, New York 12210
P. 518.426.4058
C. 518.810.6434
www.nysedc.org