The House of Representatives Thursday voted to pass the second Coronavirus funding extension package – with lawmakers wearing masks and voting in staggered groups to comply with social distancing guidelines. It’s a $484 billion bill that would provide more than $300 billion for the small businesses who missed out on Paycheck Protection Program (PPP) funds last time around three weeks ago, as well as the funding needed to expand COVID-19 testing nationwide.
Part of this new plan was a mandate that publicly-traded companies who received PPP funds the first time around must give back the money.
$60 billion or so was to be set aside — and divided equally — for smaller banks and community lenders that focus on under-served neighborhoods and rural areas. Another $60 billion would be available for a small-business loans and grants program delivered through an existing small-business disaster aid program, $10 billion of which would come in the form of direct grants. It also sets aside $120 billion for the smallest of businesses, gives $75 billion more to hospitals, and provides $25 billion for coronavirus testing.
The Senate passed the bill by a voice vote on Tuesday evening, sending it to the House for an approval. Minutes after the Senate passed the package, Treasury Secretary Steven Mnuchin said he expects this to be the last wave of payments to small businesses.
At the Osceola County Commission’s last meeting, County Manager Don Fisher announced the county received about $920,000 from the original CARES funding act.