House injects more cash into business loans program

4/24/2020
Small business loan programs created in response to the COVID-19 crisis have new life.

After the programs ran out of cash, last night the House of Representatives approved $484 billion in legislation. The move replenishes small business loan programs, including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).

Previously passed by the Senate, the bill includes:

  • $310 billion cash infusion for Paycheck Protection Program (PPP),

  • $50 billion for Economic Injury Disaster Loans (EIDL),

  • $10 billion for EIDL grants,

  • $25 billion for testing, and

  • $75 billion for hospitals.


The bill has been backed by the National Lumber and Building Material Dealers Association (NLBMDA), which had lobbied for additional loan funding.

“NLBMDA is pleased to see the House act swiftly to pass additional loan funding and calls on President Trump to quickly sign this into law,” said Jonathan Paine, NLBMDA president and CEO. “LBM dealers are some of the most essential businesses in the United States and it is crucial that they have access to relief programs as this pandemic continues. Prior to funding for these programs running out, NLBMDA has been urging Congress to take this step to replenish these programs and we applaud them for their bipartisan work on behalf of America’s small businesses.”

Earlier this week, the NLBMDA urged lumber dealers in need of assistance to contact their lenders as soon as possible. Some banks have already said that the latest round of funding is already drying up quickly with much of the $310 million in PPP already spoken for.

The latest funding legislation now heads to President Trump’s desk where he is expected to sign the bill immediately.

The NLBMDA has provided an updated Paycheck Protection Program loans FAQ page.

 

 
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