King Votes “YES” on COVID-19 Relief Package Funding Small Business Programs, Hospitals, and Additional Testing
“Paycheck Protection Program and Health Care Enhancement Act” allocates nearly $500 Billion
Washington DC- Congressman Steve King announces that he returned to Washington D.C. today to vote on the “Paycheck Protection Program and Health Care Enhancement Act,” legislation which provides nearly $500 Billion to strengthen programs which assist small businesses and hospitals in the aftermath of the COVID-19 pandemic. In addition, the legislation also contains funding to expand nationwide testing, a key tool which will provide policymakers with data needed to facilitate the confident reopening of sectors of the economy.
“Among those who have been hurt the most by the COVID-19 lockdowns are our small businesses, and the Paycheck Protection Program is helping many of them stay afloat and keep people on the payroll,” said King. “These small businesses are the economic lifeblood of many communities, and we must help them survive the economic fallout from the virus. We must also ensure that our hospitals, health care workers, and healthcare providers receive the support they need to withstand the demands that the virus is placing on them as they work with great dedication to defeat the ‘invisible enemy.’ Finally, an expansion of testing will help determine the best methods for reopening the economy, and it is an important component of this relief legislation.”
The “Patient Protection Program and Health Care Enhancement Act” passed the House of Representatives today on a vote of 388-5 with King voting in support of the legislation.
An analysis of the contents of the bill has been released by Republicans on the House Appropriations Committee and is included below:
WHAT’S IN THE BILL?
$310 billion for the Small Business Administration’s successful Paycheck Protection Program, which will allow the Trump Administration to continue providing forgivable loans to cover the cost of payroll and operating expenses for small businesses.
$60 billion for the Small Business Administration’s economic injury disaster loans and grants, including:
$50 billion for economic injury disaster loans - each loan can be up to $2 million with interest rates not to exceed 4% and long-term repayment periods of up to 30 years; and
$10 billion for grants of up to $10,000 that do not have to be repaid.
Additional funds are provided for the Small Business Administration to administer these programs.
HOSPITALS AND HEALTHCARE PROVIDERS
$75 billion to support the heroes on the front lines of this crisis and our healthcare system, including additional funding to reimburse hospitals and healthcare providers for lost revenues and expenses related to the outbreak.
$25 billion to expand testing, which will provide information on where cases are occurring, and support continued efforts to reopen communities and reignite our record-breaking economy.