Young Gives Statement On Senate Approved Additional Coronavirus Relief Funding

"Our work is far from over, but I’m grateful this next round of relief is on the way to those who need it most."

(Washington, D.C.) – Yesterday, U.S. Senator Todd Young (R-Ind.) applauded the Senate for passing additional coronavirus relief funding. 

This passage will include renewed funding for the Paycheck Protection Program, Economic Injury Disaster Loans, hospitals, and expanded testing. It was clarified through this agreement that farmers with under 500 employees are eligible for Economic Injury Disaster Loans. This agreement must pass through the U.S. House of Representatives before it can be signed into law.

“Although this funding was needed a week ago, I’m glad the Senate was ultimately able to come together once again to provide critical aid for Hoosier families, small businesses, hospitals, and farmers. Expanded testing and hospital aid will help us get through this pandemic faster. Until then, the Paycheck Protection Program and Economic Injury Disaster Loans are going to help our businesses survive so that Hoosiers have jobs to go back to when it is safe to re-open the economy. Our work is far from over, but I’m grateful this next round of relief is on the way to those who need it most,” said Senator Young.

This multi-billion dollar relief package approved by the Senate today includes:

• $310 billion for the Paycheck Protection Program
• $50 billion for Economic Injury Disaster Loans
• $10 billion for Economic Injury Disaster Loan advance grants
• $75 billion for hospitals
• $25 billion for testing
• Clarification allowing farmers with under 500 employees to seek Economic Injury Disaster Loans

The Paycheck Protection Program has assisted tens of thousands of Hoosier businesses during these unprecedented times and continue to pay their employees. According to the U.S. Small Business Administration (SBA), 35,990 Paycheck Protection Program loans have been approved in Indiana to-date totaling nearly $7.5 billion. 

On Monday, Young sent a letter to the SBA asking that lenders be allowed to submit applications for the Paycheck Protection Program regardless of the program’s funding gap. Allowing lenders to continue processing applications until more funding is available will help ease the accumulation that will be problematic for SBA lenders once additional PPP funding is approved. Read more here.

Last week, President Trump chose Young to serve on the Opening Up America Again Congressional Group. The bipartisan Congressional Group will provide counsel to the President on the re-opening of America during the coronavirus pandemic. Read more here.