House passes nearly $500B relief package for small businesses, hospitals and testing
The house passed another multi-billion dollar coronavirus relief bill to help small businesses, hospitals and testing. The bill now headed to President Trump to sign.
"It's us small businesses that really are the fabric of the country," said Marki.
Brian Marki, owner of Brian Marki Fine Art and Framing, owns an art gallery in downtown Palm Springs. he said he applied for aid through the Small Business Administration in March but never got a response.
He said he's looking forward to another wave of help for small business.
"The feeling was we're in big trouble," said Marki " If they can't even respond because they are so overwhelmed, we're all left in the dark."
The $484 billion dollar coronavirus relief bill includes $310 billion for the paycheck protection program, which gives small businesses forgivable loans. Within that fund for the PPP, $60 billion will go to the small lenders.
Another, $60 billion will go for the small business administration disaster assistance loans and grants.
$75 billion in grants will go to hospitals and $25 billion will help bolster coronanvirus testing.
“This would really give us a breath to get our stuff together and see what happens next," said Marki.
According to Small Business Administration, they issued new guidance on Thursday thats makes it "unlikely" for big publicly traded companies to get access to the next round of relief funding.
"Yes that was definitely necessary because that was one of the loop holes," said Congressman Raul Ruiz. "The criteria was that they needed to be a small business with 500 employees or less, which left the smaller businesses in our community who are really hurting in our communities."
Congressman Dr Raul Ruiz said this bill will bring more relief but its not going to be cure to all economic impacts of the coronavirus crisis.
"This is not going to be the last bill that is needed and I believe we are going to have to comeback and work on more support to weather this storm and this pandemic," said Congressman Ruiz.
