Congressman Kim Statement on Passage of Additional Funding for Small Businesses, Hospitals and Testing

April 23, 2020
Press Release

Congressman Kim Statement on Passage of
Additional Funding for Small Businesses, Hospitals and Testing

WASHINGTON, DC – Today, Congressman Andy Kim (NJ-03) released the following statement on the passage of additional funding for small businesses, hospitals and testing programs to help address the Coronavirus crisis and its economic impact.

“The funding we passed today will help our small businesses and health care workers weather the storm, but it won’t put an end to this crisis,” said Congressman Kim. “We still need robust investments in testing and tracing, and the national leadership from the federal government to distribute and administer these programs. Small businesses and working people need the economy to reopen the right way, and we can’t do that until we get testing right. Congress needs to take lead in fixing this problem so we can give our job creators and the millions now without jobs a fair shot at getting back on their feet.”

The additional support includes:

  • For small businesses: $310 billion in additional funding for the Paycheck Protection Program, with $30 billion reserved for community-based lenders, small banks and credit unions and $30 billion for medium-sized banks and credit unions. $50 billion for SBA disaster lending, translating into more than $350 billion in loans, and $10 billion in SBA disaster grants. 
  • For hospitals and health care workers:  $75 billion to provide resources to the frontlines, including Personal Protective Equipment.  
  • For testing: $25 billion for testing, including $11 billion for states and localities to develop, purchase, administer, process and analyze COVID-19 tests.

Additional information about Congressman Kim’s actions to contain the Coronavirus pandemic and address the ongoing economic impact can be found on his website by clicking here.

Congressman Kim is a member of the House Armed Services Committee and the House Committee on Small Business. More information about Congressman Kim can be found on his website by clicking here.

 

 

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