WASHINGTON D.C. — Today,Rep. French Hill (AR-02) supported a measure to secure an additional $310 billion in funding for the Paycheck Protection Program (PPP). This program was created in response to the COVID-19 pandemic and provides 100% federally guaranteed loans to small businesses and 501(c)3s through local banks. On Friday, April 17, 2020, the PPP ran out of its initial funding of $350 billion. As of today, nearly 13,000 loans totaling $1.1 billion to support Arkansas businesses were pending after PPP funds were depleted.
“Increasing the Paycheck Protection Program is the right thing because it will give a lifeline to employees and businesses throughout Arkansas. Already, our state has benefited from 21,000 loans totaling more than $2.7 billion, and for the hardworking Arkansans whose livelihoods have unnecessarily been in jeopardy for the past two weeks thanks to Speaker Pelosi and Senate Minority Leader Schumer, I am glad that the wait will soon be over. I am doing everything I can to support our communities during this public health and economic crisis.”
The legislation includes:
Provides an additional $310 billion in PPP loans:
$30 billion in guaranteed loans for lenders with less than $10 billion in assets.
$30 billion in guaranteed loans for lenders with $10 billion to $50 billion in assets.
Provides an additional $10 billion for Emergency Economic Injury Disaster (EIDL) grants.
Appropriates an additional $50 billion for the Disaster Loans Program Account.
Allows agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees to receive EIDL grants and loans.
Provides an additional $75 billion for reimbursement to hospitals and healthcare providers to support the need for COVID-19 related expenses and lost revenue.
Provides $25 billion for necessary expenses to research, develop, validate, manufacture, purchase, administer, and expand capacity for COVID-19 tests, specifically:
$11 billion for states, localities, territories, and tribes to develop, purchase, administer, process, and analyze COVID-19 tests, scale-up laboratory capacity, trace contacts, and support employer testing. Funds are also made available to employers for testing.
$1 billion provided to Centers for Disease Control and Prevention for surveillance, epidemiology, laboratory capacity expansion, contact tracing, public health data surveillance and analytics infrastructure modernization.
$1.8 billion provided to the National Institutes of Health to develop, validate, improve, and implement testing and associated technologies; to accelerate research, development, and implementation of point-of-care and other rapid testing; and for partnerships with governmental and non-governmental entities to research, develop, and implement the activities.
$1 billion for the Biomedical Advanced Research and Development Authority for advanced research, development, manufacturing, production, and purchase of diagnostic, serologic, or other COVID-19 tests or related supplies.
$22 million for the Food and Drug Administration to support activities associated with diagnostic, serological, antigen, and other tests, and related administrative activities.
$825 million for Community Health Centers and rural health clinics.
Up to $1 billion may be used to cover costs of testing for the uninsured.
