Lawmakers in the U.S. Senate have reached a deal that would, among other things, replenish funding of the Paycheck Protection Program (PPP) to the tune of another $460 billion, most of which will be earmarked for small business loans, according to reports from multiple news outlets today.
“We have a deal, and I believe we’ll pass it today,” Senate Minority Leader Chuck Schumer (NY) told CNN earlier today.
The House of Representatives is likely to follow suit, moving to speed passage of the $460 billion package, of which $310 billion would be allocated to the PPP, which will give small businesses affected by the COVID-19 outbreak a lifeline in the form of federal loans. Republicans have been pushing for rapid renewal of PPP funds to shore up small businesses while Democrats wanted some of the money to go toward directly combating the pandemic.
The bill that is poised to emerge from Congress would set aside $75 billion to fund hospitals and another $25 billion to support COVID-19 testing. Another $50 billion would go to the Small Business Administration’s (SBA) Economic Injury Disaster Loan program. The bill will also include provisions to expand eligibility for loans to cover small banks, credit unions, and non-profit organizations, a move that Democrats wanted because they have argued the existing PPP requirements were too strict.
Final approval of the bill, to send it to President Donald J. Trump for his signature, will not occur until at least Thursday, The New York Times reports.
Sean’s action items for practices
If your practice is in need of funding in the form of a federal SBA loan, and in particular if you were denied a loan during the initial rollout of the PPP, you need to call your bank now and ensure your previously filed application is at the top of the list. Don’t just take their word for it, make sure you receive a response in writing that the bank has processed your application and that as soon as the SBA is accepting submissions, yours will be submitted. Review this document from the U.S. Department of the Treasury for details.
Sean M. Weiss is a Partner and serves as VP/Chief Compliance Officer for DoctorsManagement, LLC based in Knoxville, TN. DoctorsManagement, LLC services more than 20,000 clients nation-wide and has been in existence since 1956. Weiss serves as an Investigator and expert witness in Federal and State cases as well as an expert or lead in Administrative Law Judge Hearings. During his 25-year career, Weiss has engaged in more than 200 cases working with law firms and health systems across the country. Weiss serves as a third-party compliance and regulatory officer for more than a dozen health care organizations across the country of varying sizes. For more information on Sean M. Weiss or DoctorsManagement, LLC visit us online at www.doctorsmanagement.com or contact us directly at 800.635.4040. You can also follow Sean on his biweekly Blog on LinkedIn (Sean M. Weiss “The Compliance Guy”) or at www.thecomplianceguyblog.com
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