Washington Strikes Deal on 2nd Stimulus Plan for Small Businesses

The White House and congressional leaders struck a deal for a new $484 billion pandemic relief plan with funds for a tapped-out small business aid program and aid for coronavirus testing at overwhelmed hospitals.

The Senate approved an agreement by unanimous consent late yesterday afternoon. The House is expected to pass the measure as soon as Thursday. 

The new package would provide $320 billion to replenish the Paycheck Protection Program for small businesses, which was part of the $2 trillion stimulus approved late last month that ran out of money last week.

Passage would allow the government to take new applicants for the program, which provides forgivable loans to small businesses that keep employees on the payroll for eight weeks. 

The plan includes $60 billion in loans and grants for a separate Economic Injury Disaster Loan program and $75 billion for hospitals; plus $25 billion for virus testing.

Trump said on Twitter that a further funding measure should include aid to state and local governments as well as “much needed Infrastructure Investments for Bridges, Tunnels, Broadband, Tax Incentives for Restaurants, Entertainment, Sports, and Payroll Tax Cuts to increase Economic Growth.”

GNYADA is holding a webinar tomorrow, Thursday, April 23rd at 11:00 am that will discuss the details of this new funding as well as other alternative financial relief options available to new car dealers. 

Click here to register for the webinar.