Dear Friend,

This week I traveled to Washington and voted to pass the Paycheck Protection Program and Health Care Enhancement Act, delivering $310 billion in additional federal funding for small businesses impacted by the COVID-19 pandemic. 

Just last month, Congress authorized $349 billion under the CARES Act to help small businesses and nonprofits experiencing hardship as a result of the coronavirus outbreak cover payroll, rent, and other expenses despite revenue losses.  More than 48,000 businesses across Georgia were approved for loans totaling nearly $9.5 billion in emergency relief.  Unfortunately, the initial funding fell short of the need and was completely exhausted in a few weeks. 

Relief is on the way for Georgia's small businesses and nonprofits. Here’s how the Paycheck Protection Program and Healthcare Enhancement Act just passed by Congress will help small businesses and nonprofits survive the coronavirus crisis:

Strengthens the Paycheck Protection Program (PPP)

• Increases funding for the Paycheck Protection Program from $349 billion to $670.335 billion.
• Reserves $30 billion for community-based lenders, small banks and credit unions and $30 billion for medium-sized banks and credit unions. This ensures that America’s smallest businesses, including minority-owned, veteran-owned, women-owned, and rural businesses, can access the program. 
• To locate Lenders participating in PPP in Georgia, click here.  

Expands Economic Injury Disaster Loans and Grants (EIDL)

• Expands the SBA EIDL program by providing $50 billion in additional funding for the Disaster Loan Program to help businesses cover operating expenses during this time of economic disruption.
• Appropriates an additional $10 billion for Emergency EIDL Grants, which do not have to be repaid and can provide critical short-term support during the loan processing period.  
• Ensures farmers and agricultural producers receive the support they need to continue their essential operations by clarifying that agricultural enterprises with fewer than 500 employees can receive EIDL grants and loans.
• For more info on EIDL programs, click here.

Small businesses are essential to the vibrancy of our economy.  As job creation engines, small businesses support the families who are their neighbors and the communities in which they reside.  The 2019 Novel Coronavirus Disease (COVID-19) pandemic continues to be the cause of economic and health problems throughout the country and the state, but please know that I am working diligently with my colleagues in Congress to take the bold, decisive action needed to provide meaningful support. 

Sincerely,

Congressman David Scott