The U.S. House of Representatives is schedule to vote today on the refunding of the Paycheck Protection Plan via the CARES Act. A quorum of representatives will descend on the capital to vote in person. Some ‘at-risk’ members will not attend the vote due to health reasons.
It includes $320 billion to make new loans under the Paycheck Protection Program, which provides forgivable loans to small business that keep employees on the payroll for eight weeks. The bill sets aside $30 billion of the loans for banks and credit unions with $10 billion to $50 billion in assets, and another $30 billion for even smaller institutions.
The measure includes $60 billion in loans and grants under a separate Economic Injury Disaster Loan program, and makes farms and ranches eligible for the loans. Also, there is $75 billion for hospitals, with a significant portion aimed at those in rural areas, and $25 billion for virus testing, reported Bloomberg.
President Donald Trump is expected to immediately the bill which will allow loans to small businesses to immediately began flowing again in the program, which ran out of funds weeks ago.
Democrats stalled the refunding in order to push Leftist agenda items.