The House of Representatives on April 23 passed a $484 billion stimulus package.
The Senate passed the legislation on April 20 and President Trump indicated he will sign the bill.
“(The) Produce Marketing Association has strongly advocated for financial aid for small businesses impacted by the economic disruptions from the pandemic, including fresh produce and floral entities,” Richard Owen, PMA’s vice president of global membership, said in an e-mail to members. “Quickly replenishing these depleted funds is a welcome step.”
The stimulus package includes:
- $320 billion to replenish the Small Business Administration’s Paycheck Protection Program (PPP), created through the Coronavirus Aid, Relief and Economic Security (CARES) Act to help small businesses keep workers on payroll. The package has $310 billion for new loans and $10 billion for administrative costs for lenders. The PPP loans can be used for payroll expenses, rent, mortgage or utilities and are forgivable for small businesses that keep employees on the payroll for eight weeks.
- The bill sets aside $60 billion in additional funding to the Economic Injury Disaster Loan (EIDL) program and clarifies that farmers and ranchers are eligible to receive these loans.
