Reschenthaler Votes to Replenish Critical Funding for Small Businesses, Provide Additional Funding for Hospitals and Testing
WASHINGTON, D.C. – Today, Congressman Guy Reschenthaler (PA-14) voted for the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), which will replenish the Small Business Administration's (SBA) Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL), as well as provide additional funding for hospitals and testing. This legislation now heads to President Donald Trump's desk to be signed into law.
"It is critical we ensure small businesses in southwestern Pennsylvania can continue to support their employees and communities during the COVID-19 outbreak," said Reschenthaler. "Pennsylvania's job creators received roughly $10 billion in PPP loans before the first round of funding ran out, and I am proud to support the Paycheck Protection Program and Health Care Enhancement Act that will allow more small businesses to utilize this vital program. Additionally, this legislation will help local hospitals on the frontlines of the coronavirus pandemic and expand testing, which will be vital as we look to reopen our communities and reignite our economy."
Specifically, the Paycheck Protection Program and Health Care Enhancement Act provides:
- An additional $310 billion for PPP to continue providing forgivable loans to cover the cost of payroll and operating expenses for small businesses.
- $60 billion of this funding is set aside for loans made by community banks and credit unions.
- An additional $10 billion for EIDL grants, which do not need to be repaid.
- An additional $50 billion for EIDL.
- An additional $75 billion for reimbursement to hospitals and health care providers for COVID-19 related expenses.
- $25 billion for necessary expenses to research, develop, validate, manufacture, purchase, administer and expand capacity for COVID-19 testing across the nation.
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