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Congress Approves Additional Coronavirus Relief for Small Business and Employees


Washington, April 23, 2020 - With the support of Congressman Bill Posey (R-Rockledge), Congress approved additional financial relief for American small businesses and their employees. Representatives returned to Washington, DC this week to consider the economic relief package which supplies more funding for small business loans, hospitals and for coronavirus testing. 

“Many small businesses are still in the que waiting for financial assistance to weather the temporary shutdown of our economy,” said Congressman Posey. “This legislation will provide important relief to businesses and their employees, as well as more resources for our hospitals and for coronavirus testing. It also includes important provisions to fix some of the problems in the original Paycheck Protection Program so that the focus is on small businesses, including independent contractors, not publicly traded companies.”

Specifically, the legislation includes an addition $310 billion for the Paycheck Protection Program with $30 billion set aside for smaller lending institutions and $30 billion for larger lenders. It also funds $60 billion for EIDL loans and grants to assist employers and their employees as well as $75 billion for hospitals and $25 billion for coronavirus testing. Posey said because of recent policies to protect public health businesses are temporarily closed through no fault of their own and people are struggling to make ends meet. “This bill meets those needs and lays the foundation for getting America back to work,” said Posey.

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