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 to payroll.

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 participation.”

Congress 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.

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