The U.S. Senate passed a $484 billion measure that provides new and expanded funded for small businesses and hospitals. Also included is funding for coronavirus testing and contact tracing.
Delaware’s senior U.S. Sen. Tom Carper issued the following statement.
“By working together, we’ve passed a bill that will not only help more Americans, but can also actually get across the finish line and signed into law. As elected officials, we have a responsibility to get this right – not just push through what’s easy.
“The deal that was approved unanimously today includes critical funding for the small businesses that need relief the most right now. It also includes new funding for our hospitals and for the widespread testing and contact tracing efforts that are so crucial at this moment. We can’t manage what we can’t measure. Experts have made clear that we can’t reopen our economy until we have the public health crisis under control, and effective widespread testing and the ability to track this virus is key to that effort. I’m proud that Senate Democrats fought for that funding, and I’m glad to see included in this larger, bipartisan package.
“However, I am disappointed that the package approved tonight did not provide much-needed additional funds for our state and local governments that are continuing to bear the brunt of this economic and public health crisis. As a recovering governor and recovering state treasurer, I understand and appreciate the challenges that those on the ground in our states are facing as they deal with historic revenue losses. This will continue to be a top priority of mine as work begins on the next relief package.”
There have been concerns that the small business funding we gone in an instant, based on the experience with the first round of the Payroll Protection Program.
Provisions of the bill listed by Carper’s office are:
- $60 billion in new SBA Paycheck Protection Program funding dedicated to small lenders
- $50 billion for the SBA’s Economic Injury Disaster Loan (EIDL) program, which will allow approximately $300 billion in loans to small businesses
- $75 billion in emergency money for our health system
- $25 billion to increase testing and contact tracing capabilities.
