Small Business COVID-19 04.28.2020

Dear Friend,

On April 23, 2020 the House passed its fourth piece of bipartisan COVID-19 relief legislation: The Paycheck Protection Program and Health Care Enhancement Act. It provides additional funding for the Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL) and Grants, healthcare providers and testing. This action gets help to the people who need it most. 


Paycheck Protection Program Improvements: 

  • Adding an additional $310 billion in PPP loans
  • $60 billion set aside for smaller lenders and Community Development Financial institutions, including:
    • $30 billion for banks and credit unions with more than $10 billion in assets but less than $50 billion
    • $30 billion for banks and credit unions with less than $10 billion in assets

Economic Injury Disaster Program Expansions: 

  • Increases available funding for EIDL grants by $10 billion.
  • Allows agricultural businesses with not more than 500 employees to receive EIDL grants and loans.
  • Adds an extra $50 billion to the Disaster Loans Program Account.

Strengthening Health Care and Testing

  • $75 billion for hospitals and healthcare workers to cover reimbursements 
  • Requires a Federal COVID-19 Strategic Testing Plan
  • $25 billion to expand COVID-19 testing, including: 
    • $11 billion for states and localities
    • $225 million for rural health clinics
    • $ 1 billion for the uninsured

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Additional Small Business Resources:

We've compiled all the resources you need in one convenient location on our website


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My staff is here to help.  

If you have questions,  call our Fresno, Merced, or DC Offices (contact information below). You can also submit a request online and a member of our staff will contact you. 

 


As we work together to confront this crisis, I will continue to fight for whatever it takes to get our country safely back on track.

Sincerely,

 


Jim Costa
Member of Congress

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