U.S. Senator Richard Shelby (R-Ala.) today applauded Senate passage of the“Paycheck Protection Program (PPP) and Health Care Enhancement Act,” a $484 billion measure that provides additional funding to assist small businesses and meet the urgent healthcare needs of American families and workers during the COVID-19 public health pandemic.
“I am proud we were finally able to come to an agreement to reopen and continue funding the vital Paycheck Protection Program, along with other resources that will help American workers and families during this difficult time,” said Senator Shelby. “Since its recent implementation, the Paycheck Protection Program has provided much-needed relief for many small businesses suffering from the effects of the COVID-19 crisis in Alabama and across the nation. This legislation, which also includes urgent funds for hospitals and healthcare providers, is another important step in protecting and rebuilding our nation’s economy. I look forward to the work still to come.”
The $484 billion coronavirus relief package includes $100 billion for urgent health care needs, including $75 billion for hospitals and healthcare providers and $25 billion to research, develop, validate, manufacture, purchase, administer, and expand existing capacity for COVID-19 tests. Furthermore, the legislation contains $320 billion to continue funding the PPP, of which $60 billion is set aside for loans made by smaller insured depository institutions, credit unions, and community financial institutions. It also contains $60 billion for Small Business Association Economic Injury Disaster Loans.
The PPP has provided funding for various businesses and industries across all sectors of the economy. As of April 17, 2020, a total of 27,922 loans were approved in Alabama through the PPP, amounting to $4,862,690,120. Additionally, approximately 60 percent of the loans accepted for the program were approved by banks with $10 billion of assets or less.
Following the Senate’s passage of the legislation, it will move to the House of Representatives for a vote and on to the President’s desk for his signature to become law.