Rep. Chris Smith (R-Hamilton) urged the House to pass a $480 billion deal that includes funding for small business loans and direct aid to hospitals struggling amid the COVID-19 crisis.
“For our hospitals, the more than $70 billion in this legislation — on top of $100 billion in the CARES Act — is critically needed to sustain our overworked, cash-starved hospitals that risk insolvency in large part because they have been compelled by the government to postpone elective surgeries,” Smith said.
The majority the money appropriated by the bill, $320 billion, will go to replenishing the Small Business Administration’s Paycheck Protection Program.
The PPP, which was designed to provide small businesses with funds to continue paying employees amid near-total business shutdowns in states like New Jersey, reached its initial $350 billion cap two weeks after the SBA began accepting applications.
“I grew up in a family-owned small business in Central Jersey. I know these entrepreneurs thrive on working hard, hiring our neighbors and boosting our local economies. The PPP ensures they and their employees survive the pandemic and can return to work when we reopen our state and nation.”