AED update: PPP funding on the way, AED urges rebuild to spur economic recovery
April 26, 2020 By AED
The House of Representatives passed AED-supported legislation to provide additional funds to the Paycheck Protection Program (PPP), sending the legislation to the president for his signature. The Senate approved the bill on April 21 by unanimous consent.
The Paycheck Protection Program & Health Care Enhancement Act includes an additional $310 billion for the PPP. It also provides $60 billion to SBA’s emergency injury disaster loans (EIDL), $75 billion for hospitals and $25 billion for coronavirus testing.
“AED commends Congress for once again working in a bipartisan manner to give a lifeline to struggling small businesses by providing critical resources to maintain payroll and operations during these unparalleled times. Every AED member I’ve spoken with since the crisis began is concerned first and foremost with keeping the hardworking men and women at their dealerships employed. The PPP has allowed this to happen for many companies and the new funding will allow more equipment distributors to benefit,” said AED’s president and CEO Brian P. McGuire.
McGuire added that Congress must now look toward putting the unemployed back to work and growing the economy, such as through robust investment in rebuilding the nation’s infrastructure paired with workforce development initiatives.
“Infrastructure projects are important in that they create self-worth and a sense of accomplishment for the millions of workers who enjoy good-paying jobs that support families and communities,” McGuire said. “From roads and bridges to broadband and dams, there’s no better way to show the nation and the world that America is back than investing in rebuilding its inadequate and dilapidated infrastructure.”
Visit AED’s Coronavirus Update Center for the most recent information regarding AED’s activities and information.
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