Senate Passes Relief Bill, Funding for Small-Business Loans

The emergency funding package, Schumer said, “has been transformed to provide real support for the lives and livelihoods of the American people.”

In a letter sent Tuesday to colleagues, Schumer stated that in the interim emergency relief legislation, Democrats “have secured $220 billion above and beyond what Republicans proposed, including new funding for small businesses through community financial institutions, new funding for our health care system, and a substantial down-payment on a national testing regime, which experts say is necessary for reopening our economy.”

The agreement reached with the Trump administration is now “greatly improved,” Schumer said, and will include:

• $60 billion in new SBA Paycheck Protection Program funding dedicated to small lenders and community-based financial institutions
• $30 billion of these funds will assist Community Development Financial Institutions, Minority Depository Institutions, community-focused lending intermediaries and the smallest community banks and credit unions
• $50 billion for the SBA’s Economic Injury Disaster Loan program, which will allow approximately $300 billion in loans to small businesses
• $10 billion for the SBA’s Emergency Economic Injury Grant program
• $75 billion in emergency money the health care system
• $25 billion to increase testing and contact tracing capabilities.

House Majority Leader Steny Hoyer, D-Md., has indicated that the House is willing to come back to Washington to vote on the measure this week.

— Related on ThinkAdvisor:

• Trump Signals Deal on New Small-Business Stimulus
• Possible Data Breach Affected Some COVID-19 Loan Applicants: SBA