WASHINGTON— Congressman Markwayne Mullin (OK-02) released the following statement after the House passed H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act, which provides critical funding to help small businesses during this pandemic.
“Over 35,000 businesses in Oklahoma have already received funding from the Paycheck Protection Program to help them keep their doors open and employees at work,” Mullin said. “But there are thousands more who have been waiting and need help while Speaker Pelosi and Senator Schumer played politics with their livelihoods. There is not one business out there that is not hurting right now and as a business owner, I understand how important this program is not just for the businesses, but also for their employees. I am glad that we were able to get this done and that businesses who were left behind can finally get the assistance they need.”
H.R. 266 includes:
$310 billion for the Paycheck Protection Program (PPP).
$30 billion is reserved for institutions $50 billion and under.
$30 billion is reserved for institutions $10 billion and under.
$50 billion for the SBA Economic Injury Disaster Loan (EIDL) Program; each loan can be up to $2 million with interest rates not to exceed 4% and long-term repayment periods of up to 30 years.
$10 billion for EIDL grants of up to $10,000 that do not have to be repaid.
$75 billion for hospitals and health care providers on the front lines.
$25 billion for expanded testing.