COVID-19 Financial Aid Legislation Update
Congress is working quickly to pass
legislation that would provide financial assistance to airlines, financial
markets, small businesses and hospitals. Under S. 3548, the third coronavirus
aid package, there are small business measures that could help foot and ankle
surgeons with the challenges they face as a result of this pandemic.
According to Politico analysts, “S.
3548 would aim to maintain cash flow to small businesses by providing 100
percent federally guaranteed loans to employers with less than 500 employees
who maintain their payroll during the public health emergency caused by the
coronavirus. The legislation would appropriate $300 billion to expand the Small
Business Administration’s existing 7(a) loan program to cover payroll support,
such as paid sick leave, from
March 1 through Dec. 31, 2020. The language is retroactive to March
1 to allow employers who have already laid off employees to bring them back on
Under the expansion, employees with
fewer than 500 people would be eligible to receive loans up to $10 million
through SBA-certified lenders, like banks, to supplement payroll, mortgage,
debt and other expenses associated with continuing to pay their employees’
salaries. It would also increase the cap on SBA Express loans from $350,000
to $1 million and reduce associated fees for borrowers and lenders to ease
also gave $100 billion in emergency funding to hospitals bracing for
coronavirus under the massive stimulus package late last night.
A vote is
likely to take place Wednesday evening.
When ACFAS has the opportunity to sign
joint letters to Congress or participate in grassroots advocacy, we will get
engaged. For now, ACFAS is monitoring the legislation. We are also in
close contact with advocacy and lobbying efforts at APMA and will keep you
apprised as this evolves.