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Round two of federal Paycheck Protection Program starts Monday

Congresswoman Amata speaking into microphone in committee room.
Sources: Media release from Cong. Aumua Amata's office

Washington, D.C. — Congresswoman Aumua Amata is reminding small businesses and employers that the Paycheck Protection Program (PPP) re-starts Monday. On Friday afternoon, President Trump signed the $484 billion Paycheck Protection Program and Health Care Enhancement Act, which passed the House late Thursday with an overwhelming bipartisan vote of 388-5.

This replenishes and reforms the PPP, a joint project of the Small Business Administration (SBA) and the U.S. Treasury Department that was originally created by the March 27 CARES Act. The program is once again fully funded at $321 billion for small business assistance, with $60 billion only available through small lenders and credit unions. The intent of Congress is for these funds to be widely available to smaller businesses and underserved communities. Some larger corporations that benefited from the first wave of loans have also restored that money to the fund making it available again for smaller businesses.

“Starting Monday, employers can once again talk to a lender about this program,” said Aumua Amata. “Congress allocated this money to keep small businesses solvent during the severe economic strain caused by this pandemic, and we’ve worked with SBA to broaden availability. I want to say thank you to SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin and all their employees for putting together a big program in a short time.”

The new law has $100 billion for health care, adding to the three prior coronavirus response acts, including $75 billion in support for services at hospitals, and $25 billion for continuing to expand and improve testing programs through the Health and Human Services (HHS) Department.
In total, Congress has allocated about $2.8 trillion in four bills, anchored by the historic CARES Act, to respond to coronavirus, ensure medical care and provide economic relief, including unemployment payments, individual relief checks, Medicaid assistance, and aid to businesses and local governments.

For more information on the Paycheck Protection Program, visit: sba.gov/paycheckprotection.