Rep. Cuellar Votes for the Interim Emergency Package
Statement
Congressman Henry Cuellar (TX-28) released the following statement regarding his vote on the interim emergency funding package.
"It is critical we continue to act swiftly as we combat the coronavirus crisis," said Congressman Cuellar. "This legislation will provide the emergency resources that are desperately needed to protect the lives and livelihoods of the American people, including significant relief to small businesses and hospitals in both urban and rural areas. Specifically, the interim emergency package includes a provision that will make sure funding goes to Main Street and other underbanked businesses.
"However, our work is not done. We must continue to deliver for the American people. As a senior member of the Appropriations Committee, I am committed to protecting the safety and well-being of Americans as well as restoring opportunity and prosperity to our economy."
Small Business Support:
Increases Paycheck Protection Program from $349 billion to $670 billion;
Additional $310 billion for loans and an additional $11 billion for administrative fees;
Additional $50 billion for the Disaster Loans Program Account; and
Additional $10 billion for Emergency Economic Injury Disaster (EIDL) Grants.
Increases the authorization level for the Emergency Economic Injury Disaster (EIDL) Grants from $10 billion to $20 billion.
Allows agricultural enterprises with 500 or fewer employees to receive EIDL grants and loans;
Local Community Support:
Defines Community Financial Institutions as Community Development Financial Institutions (CDFIs), minority depository institutions (MDIs), certified development companies, microloan intermediaries, and State or Federal Credit Unions;
$30 billion for banks and credit unions, including minority depository institutions (MDIs), with more than $10 billion in assets but less than $50 billion in assets that are PPP lenders;
$30 billion for banks and credit unions with less than $10 billion in assets, as well as all Community Development Financial Institutions (CDFIs), MDIs, certified development companies (CDCs), and microlenders that are PPP lenders;
$75 billion for hospitals, with a significant portion aimed at rural hospitals; and
$25 billion for national coronavirus testing.
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