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House Passes Meng, Velázquez, Chu Measure in Spending Package to Address Coronavirus; Provision Would Allow Loans to Small Businesses Negatively Impacted by the Outbreak

March 4, 2020
WASHINGTON, D.C. – Today, the U.S. House of Representatives passed a bipartisan emergency spending package that would provide $8.3 billion in federal funds to address the coronavirus. Included in the measure is a provision based on legislation recently introduced by Reps. Grace Meng (D-NY), Nydia M. Velázquez (D-NY), and Judy Chu (D-CA) that would allow emergency loans to small businesses that have suffered economic losses related to the outbreak. The spending bill is expected to be approved by the Senate this week.
"I commend the House for passing this critical spending bill and for dedicating the resources needed to respond to the coronavirus outbreak," said Meng. "I am also thankful that the legislation does not forget about our small businesses. Many small businesses, in particular Asian American-owned businesses such as restaurants and retailers, have experienced a huge drop in business due to misinformation and xenophobia about coronavirus. This includes many businesses in my district in Queens. Our hard-working small businesses drive our economy and enhance our communities. We must assist them in their time of need so that they can continue to operate, and not suffer further from the downturn that they have been forced to endure."
Under the provision, the Small Business Administration (SBA) could provide an estimated $7 billion in loans to help small businesses that have been impacted by financial losses as a result of the coronavirus outbreak. In addition, the bill provides $20 million to administer these loans.
The spending package also includes:
  • More than $3 billion for research and development of vaccines, therapeutics, and diagnostics;
  • $300 million to ensure access to affordable vaccines;
  • $2.2 billion in public health funding for prevention, preparedness, and response, $950 million of which is to support state and local health agencies;
  • Nearly $1 billion for medical supplies, health care preparedness, community health centers, and medical surge capacity; and
  • $1.25 billion to address the coronavirus abroad, which helps keep Americans safe here at home.
In addition, the bill contains other important provisions such as:
  • Allowing seniors to access telemedicine services for coronavirus treatment;
  • Requiring the Trump administration to reimburse health accounts that were previously raided to pay for the coronavirus response; and
  • Ensuring state and local governments are reimbursed for costs incurred while assisting the federal response.