U.S. Senator Todd Young (R-Ind.) today commended the Senate’s passage of additional coronavirus relief funding, including renewed funding for the Paycheck Protection Program, Economic Injury Disaster Loans, hospitals, and expanded testing. The agreement also clarifies that farmers with under 500 employees are eligible for Economic Injury Disaster Loans. The agreement must next pass the U.S. House of Representatives before it can be signed into law.
“Although this funding was needed a week ago, I’m glad the Senate was ultimately able to come together once again to provide critical aid for Hoosier families, small businesses, hospitals, and farmers. Expanded testing and hospital aid will help us get through this pandemic faster. Until then, the Paycheck Protection Program and Economic Injury Disaster Loans are going to help our businesses survive so that Hoosiers have jobs to go back to when it is safe to re-open the economy. Our work is far from over, but I’m grateful this next round of relief is on the way to those who need it most,” said Senator Young.
The relief package approved by the Senate today includes:
- $310 billion for the Paycheck Protection Program
- $50 billion for Economic Injury Disaster Loans
- $10 billion for Economic Injury Disaster Loan advance grants
- $75 billion for hospitals
- $25 billion for testing
- Clarification allowing farmers with under 500 employees to seek Economic Injury Disaster Loans
The Paycheck Protection Program has helped tens of thousands of Hoosier businesses make it through this challenging time and keep their employees on payroll. According to the U.S. Small Business Administration (SBA), 35,990 Paycheck Protection Program loans have been approved in Indiana to-date totaling nearly $7.5 billion.
Yesterday, Senator Young sent a letter to the SBA requesting that lenders be permitted to submit applications for the Paycheck Protection Program despite the program’s funding lapse. Enabling lenders to continue processing applications until additional funding is made available will help alleviate the already developing backlog that will be problematic for SBA lenders once additional PPP funding is approved.