Senate approves $484 billion in relief funding as part of a fourth COVID-19 response package
BIRMINGHAM – U.S. Senator Doug Jones (D-Ala.) today supported passage of legislation in the Senate that will provide another significant round of economic relief for workers, hospitals, and small businesses. The legislation replenishes funding for the Paycheck Protection Program, and also includes additional resources for hospitals and coronavirus testing.
“I’m relieved that we were able to come together to pass broad, bipartisan legislation that acknowledges the urgent needs that workers, hospitals, and small businesses are experiencing. This improved legislation provides another $371 billion in relief for hard-hit small businesses and their workers, while also now providing $100 billion for our strained hospitals, and $25 billion to increase our testing and tracing capacity,” said Senator Jones. “And while today’s bill was an important step to take, I am disappointed that it did not include relief for our state and local governments. Alabama is already facing an estimated shortfall of $1.7 billion to our state budget. I’m encouraged that the President has indicated support for this relief, and I will continue to work with my colleagues and the Administration to ensure we can include it in the next major package of legislation we consider.”
The legislation approved in the Senate today includes:
- $321 billion to replenish the Small Business Administration’s (SBA) Paycheck Protection Program, $71 billion above Leader McConnell’s original proposal; $60 billion will be dedicated to small lenders and community-based financial institutions, to serve the needs of unbanked and underserved small businesses and nonprofits—especially rural, minority, and women-owned businesses;
- $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;
- Expanded eligibility for the EIDL program to agricultural businesses with fewer than 500 employees, which Senator Jones has advocated for on behalf of Alabama farmers;
- $30 billion to assist Community Development Financial Institutions, Minority Depository Institutions, community-focused lending intermediaries, and the smallest community banks and credit unions;
- $25 billion to increase testing and contact tracing capabilities; and,
- $10 billion for the SBA’s Emergency Economic Injury Grant program.
Media Release/Office of Alabama Senator Doug Jones/Caroline Stonecipher
