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U.S. Travel Legislative Update: More Funding for Paycheck Protection Program (PPP) and Economic Impact Disaster Loans (EIDL) programs?

Apr 22, 2020

From Tori Emerson Barnes, U.S. Travel at 9:43 PM on April 21:

With both the Paycheck Protection Program (PPP) and Economic Impact Disaster Loans (EIDL) program out of funds, congressional leaders and the administration announced a deal today to replenish the programs and provide additional funding for hospitals and coronavirus testing. The U.S. Senate passed the measure late Tuesday afternoon, and the House is expected to take it up on Thursday.

    • The $481 billion agreement provides an additional $321 billion for the PPP, $60 billion for the EIDL program, $75 billion for healthcare providers and $25 billion to expand testing capacity (including $11 billion for States to increase testing).
    • This bill is intended to be narrow and specifically address PPP and EIDL funding shortfalls. To our disappointment, Congress did not make substantive changes to increase PPP loan amounts, provide more flexible loan forgiveness or expand PPP eligibility to organizations not already included in the CARES Act, including 501(c)(4) or 501(c)(6) nonprofits. Congressional negotiators continue to maintain that these changes will be considered in the next bill, and we will continue to push hard for this provision.
    • For a detailed summary of the bill, click here.

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