Key Highlights
- As of Sunday, both parties negotiating $370B deal for small business loan programs
- $$310B would be allocated to Paycheck Protection Program (PPP)
- $60B would be allocated to Economic Injury Disaster Program (EIJP)
- $60B of PPP funds would be set aside and focused on rural and minority run small businesses
After the initial $349B funding for the Paycheck Protection Program (PPP) was depleted in two weeks, leaders of both the Republican and Democratic parties began negotiations to add additional funding to the program. PPP, one of the cornerstones of the $2.2T Coronavirus Aid, Relief and Economic Security (CARES) Act designed to send financial assistance to small businesses and their employees due to closures from the coronavirus pandemic, now looks to be on track for passage.
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As it stands right now, Monday, April 20 midday, party leaders are negotiating a deal that would allocate an additional $310B into the Paycheck Protection Program. $60B within this $310B reallocation would be directed to rural and minority groups. Additionally, $60B would be allocated to the Economic Injury Disaster Loan Program that separately offers loans for small business under the umbrella of the Small Business Administration.
The deal also could include $75B for hospitals and $25B for testing.
President Trump indicated that funding for hospitals, particularly rural hospitals, may be “….part of the package…” and that aid for state and local governments would come in a future relief package, “We’re going to be saving that for a later date, “ Trump said. “That will probably be our next negotiation, but I’m in favor of it.”
Treasury Secretary Steven Mnuchin told CNN’s “State of the Union” on Sunday that party leaders were progressing towards voting. Mnuchin is on the record with his hopes that he Senate pass the deal today, Monday, and that the House would pass it Tuesday and that these relief packages could be operational on Wednesday of this week.
We’ll keep you updated as these negotiations progress into reality.
Thanks to CNBC’s Lauren Hirsch and Emma Newburger and The New York Times.
Also read: Podcast: THE Scariest Questions You Need Answered Now | Real Estate Crash Coming?, Updates for Businesses on the CARES Act, State-by-State Guide to Evictions, Rent & Foreclosures
