April 22, 2020 Update: After last week’s depletion of the $350 billion initially allocated for the SBA Small Business Relief programs, yesterday, the Senate passed a new aid package, which includes an additional $310 billion for the Paycheck Protection Program, $10 billion for Economic Injury Disaster Loan (EIDL) Grants, and $50 billion for other SBA disaster loans including EIDLs. The House of Representatives could vote on the bill as early as Thursday.
NAMM members should stay in close touch with the SBA-affiliated lenders and prepare for when loan funds are available again. Also, and as always, NAMM members should reach out to their Congressional representatives to share the realities of this time and urgency for needed funds to bridge businesses to a post-pandemic revival period.
Lawmakers, scheduled to return to Washington on May 4, are expected to turn next to a broader measure that will include aid to state and local governments, coronavirus caregivers, and possibly for workers at grocery stores, drugstores, and others.
For the latest policy updates affecting the industry, please visit https://www.namm.org/issues-and-advocacy/covid-19-updates-and-resources-business