Apr 24, 2020
WASHINGTON, DC -- This week, Congress passed the Paycheck Protection Program and Health Care Enhancement Act, which will provide additional funding for small businesses and hospitals. The bill passed the Senate on Tuesday by unanimous consent, but House Members traveled to Washington for consideration of the bill, which ultimately passed yesterday afternoon. President Trump has signed the bill.
The popular Payroll Protection Program (PPP) received an additional $321 billion in funding that provides loans to small businesses, including agribusinesses fitting the SBA’s definition, to retain employees or hire back employees laid-off due to the effects of the pandemic. The bill also provides an additional $60 billion for the Economic Injury Disaster Loans (EIDL) program and makes a technical correction that will allow agriculture enterprises with not more than 500 employees to apply and receive loans and grants through the program.
“The Payroll Protection Program and other small business programs have been key for some farmers and agribusinesses to keep their employees working and paid,” Mosely said. “USA Rice appreciates the work of Congress and the Administration to provide additional funding for these programs and extending EIDL program eligibility to agribusinesses.”