Dear Friends,
Every day I am encouraged by our communities and organizations banding together to help families and businesses make it through the public health and economic crisis caused by the COVID-19 pandemic.
The U.S. Chamber of Commerce has issued excellent guides, explanations, and resources on the provisions included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Below is a guide to help you through the COVID-19 emergency loans available to small businesses through the Paycheck Protection Program:
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| CARES Act Protections for veterans |
Helping Our Heroes During the COVID-19 Pandemic |
As Americans, we have a duty to care for those who have served their country. The CARES Act includes provisions that ensure that during the COVID-19 outbreak, our veterans are still receiving the care they deserve.
The Department of Veterans Affairs (VA) has already begun to put into use the $17.2 billion that was allocated in the CARES Act, which includes:
Preventing Homelessness
- Increasing the amount to support the additional costs of aiding veterans in today’s more difficult economic circumstances. Before the CARES Act, VA provided up to $48.50 per day for each veteran that grantees assist.
- Expecting loan servicers to comply with all home loan related provisions of the CARES Act, giving borrowers the right to loan forbearance upon request and protecting against foreclosures, evictions and adverse credit reporting. During the COVID-19 emergency, servicers must also comply with all other federal, state and local requirements implemented to address the servicing of home loans.
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Enabling Telehealth Services
- Allowing VA to enter into short-term agreements with telecommunications companies to deliver free or subsidized support for mental health services through a telehealth connection or VA’s Video Connect service.
- Working to ensure veterans participating in the HUD-VA Supportive Housing program (HUD-VASH) have access to telehealth equipment.
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Supporting State Veterans Homes
- Waiving a requirement that VA state homes maintain a 90% occupancy rate in order to receive federal benefits for times when the veteran is not in the home. The change recognizes the importance of social distancing, especially among the older veteran population.
- Permitting State Veterans Homes to admit more spouses of veterans and Gold Star parents.
- Allocating $150 million for emergency State Veterans Home construction and $2.15 billion for information technology.
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| Main Street Lending Facility |
Supporting Arkansas Businesses
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Yesterday, the Federal Reserve announced new action to provide up to $2.3 trillion in loans that will help main street America make it through to the other side of this trying time.
These actions include:
- The establishment of a Main Street Lending Program to support lending to small and medium-sized businesses.
- The establishment of a Paycheck Protection Program (PPP) Liquidity Facility to extend credit to eligible financial institutions that originate PPP loans, taking the loans as collateral.
- The establishment of a Municipal Liquidity Facility to help state and local governments manage cash flow stresses caused by the coronavirus.
- Changes to the size and scope of the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF), in order to increase the flow of credit to households and businesses.
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For more information about these new actions, click HERE to view the term sheets provided by the Federal Reserve.
If you have comments regarding this new program, please click HERE to submit them to the Federal Reserve.
A date for when these new programs will go live has not been announced yet, but we will update you once there is more information.
ASSISTANCE IS AVAILABLE FOR ARKANSAS SMALL BUSINESSES
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Information Regarding the Paycheck Protection Program |
The United States Treasury’s Paycheck Protection Program went live on April 3, 2020. It authorizes up to $349 billion toward job retention and other expenses for the millions of Americans employed by small businesses.
Small businesses and eligible nonprofit organizations, veterans’ organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. For additional information from the Treasury's website, visit HERE.
Which banks in Arkansas are ready to provide Paycheck Protection Program loans?
The chart below outlines the current Small Business Administration (SBA) lenders in Arkansas.
| Help Is On The way for college Students |
Education Secretary Unveils $6 Billion in New Aid for College Students |
For many college students, the COVID-19 pandemic has erased their sources of income, leaving them in a tough spot as they try to further their education. That is why the CARES Act included almost $31 billion in funding for overall education aid.
The CARES Act calls for the emergency financial aid to be used by college students for things like technology, course materials, food, shelter and health care. Further, the Secretary of the Department of Education, Betsy DeVos has said that colleges are required to distribute $6 billion of the emergency cash grants directly to students.
Yesterday, DeVos announced that the Department of Education is moving to immediately distribute these direct grants to students, providing them with a lifeline during this public health and economic crisis.
| Healthcare clinics in Arkansas supporting hospitals to treat patients |
| Visiting Arkansas Urology |
Clinics such as Arkansas Urology in Little Rock are alleviating the burden on hospitals and help to keep those who do not have the virus from becoming infected by visiting hospitals who are treating those with COVID-19.
I appreciated Dr. Langford, Dr. Marotte, Dr. Goodson, Scot Davis, and all of the staff at Arkansas Urology discussing with me how COVID-19 is impacting clinics, how they obtain personal protective equipment (PPE) to keep patients safe, and what financial assistance is needed to help sustain clinics that are under more pressure due to the current public health situations.
Sincerely,
Representative French Hill
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