SALT LAKE CITY, Utah (ABC4 News) – Utah Congressmen Chris Stewart and Ben McAdams voted for a bipartisan coronavirus aid measure that will replenish two Small Business Administration (SBA) loan programs which would offer additional lifelines to small businesses in need during the coronavirus pandemic.
“This additional rescue package is critical to our future, but it comes at a hefty cost,” said Stewart. “I recognize the dire need for assistance, given the unprecedented circumstances surrounding this pandemic, but the scope of this economic relief is truly frightening. Congress must immediately act to address our debt and spending. I call on my colleagues to join with me in tackling this most pressing issue.”
The Paycheck Protection Program and Health Care Enhancement Act would deliver an additional $310 billion to the PPP, which ran out of funds two weeks after its launch.
“Utah families are suffering severe economic hardship as a result of our necessary response to halt the spread of COVID-19. They worry about how they are going to pay their bills and financially survive this crisis. PPP and the Economic Injury Disaster Loans (EIDL) help us maintain a floor under Utah’s small businesses and their hard-working employees as we transition to safely reopening,” said McAdams.
The legislation is the fourth measure approved by congress in response to the coronavirus outbreak. In addition to the $310 billion, the bill provides $60 billion to the SBA’s EIDL program, $50 billion in low-interest loans and $10 billion in emergency grants.
The legislation also provides an additional $100 billion that would go towards hospitals and testing.
“We must continue what is working, such as social distancing, hygiene, disinfecting surfaces and protecting the very vulnerable. In the meantime, we must provide critical economic support, including expanded funding for the PPP loans to Utah small businesses—the lifeblood of our economy and the engine driving a return to the state’s prosperity,” said McAdams.
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