Hoeven Outlines Additional Federal Support for Small Businesses, Funds to Help Safely Re-Open Economy
Senator Highlights PPP, EIDL & Emergency EIDL Grant Applications Resuming, Efforts to Ensure Access for North Dakota Lenders & Local Businesses
BISMARCK, N.D. – Senator John Hoeven today outlined federal efforts to support small businesses through the challenges of the coronavirus disease 2019 (COVID-19) pandemic and help ensure the safety of North Dakotans as the economy starts opening back up. In a call with North Dakota Department of Commerce officials and the Greater North Dakota Chamber, the senator outlined the additional funding passed by Congress for the programs established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
This includes the Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL) and Emergency EIDL Grants, as well as support for hospitals, health care providers and COVID-19 testing. Further, as chairman of the Senate Agriculture Appropriations Committee, Hoeven secured a provision making farmers, ranchers and other agriculture businesses eligible for EIDL and Emergency EIDL Grants.
“We advanced these additional federal funds, with a set-aside and other measures to benefit smaller lenders like those in North Dakota, to ensure a broader range of our nation’s small businesses and sole proprietors are able to receive support,” said Hoeven. “With applications resuming for PPP, EIDL and Emergency EIDL Grants, businesses will be better able to make ends meet and our economy will be in a better position for re-opening. The COVID-19 testing funding and support for our health care providers are critical to ensuring this is done safely, and we appreciate the continued dedication of all health care workers in their efforts to fight this pandemic.”
Specifically, the additional funding passed by Congress included:
- $310 billion for the PPP.
- The Small Business Administration (SBA) resumed accepting PPP applications this week, helping ensure more small businesses and self-employed individuals are able to maintain payroll and cover their expenses through forgivable, federally-guaranteed loans.
- The legislation included a $30 billion set-aside for financial institutions with less than $10 billion in assets, and the SBA also held a special window for small lenders to submit applications, benefitting most financial institutions in North Dakota.
- $60 billion for EIDL and Emergency EIDL Grants.
- EIDL provides small businesses with loans of up to $2 million as well as a $10,000 loan advance. The loan advance does not have to be repaid.
- At Hoeven’s request, includes language making agricultural enterprises eligible for EIDL and Emergency EIDL Grants.
- $75 billion for hospital and health care provider reimbursement to address COVID-19 related expenses and lost revenue.
- $25 billion for additional COVID-19 testing.
- Includes a $750 million set-aside for tribes.
- North Dakota will receive over $16.2 million for testing needs under the funding agreement.
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