Billions for Paycheck Protection Program

On Thursday of last week, the U.S House of Representatives approved more funding for the Paycheck Protection Program and Health Care Enhancement Act. The program will provide billions of dollars catered to small businesses and healthcare workers. 

Breaking down the distribution of money, $310 billion is set to be given to businesses, $50 billion for emergency disaster lending, and $10 billion in disaster grants.

With regard to healthcare workers, $75 billion will be distributed in order for healthcare providers to receive the proper equipment to prevent illness. 

Small businesses are being directly impacted economically since the country has been on a shutdown. Forbes reported that 38 percent of businesses are not confident in their financial ability as of March of this year. 

The unemployment rate is said to reach 16 percent this year, CBS reported. Currently, the unemployment rate remains at 15 percent, and 26 million Americans have filed for unemployment, but that number can soon reach 20 percent. 

“While some small businesses in our community were able to access the Paycheck Protection Program, many more were shut out. Let’s be clear: large corporations never should have been allowed to receive funds meant for small businesses,” said U.S. Rep. Diana DeGette, alluding to the controversy raised when corporations got some of the funding. “We must ensure this new round of funding goes to those businesses most in need. Countless American jobs—and lives—are on the line.”

With a surge of folks purchasing medical masks and gloves, many healthcare workers have been faced with attending patients without the proper prevention equipment. 

Providing funding to those being highly impacted by the country being on a shutdown seems like a no-brainer. However, various representatives wanted to withdraw funding for local and state governments. 

“Our state and local governments are working day and night to keep us safe,” DeGette said. “The fact that some in Congress and the Administration would rather bail out big corporations than support the local governments on the frontlines of this crisis is inexcusable. We will not stop fighting until our communities get the support they need.” 

The billions of dollars ready for distribution will hopefully bring security to those in financial need.