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As of yesterday (4/23), the House has passed a $480 billion funding bill aimed at tiding over small businesses during the coronavirus pandemic.The bulk of the bill is dedicated to replenishing funds for the Paycheck Protection Program, a critical new program that provides small businesses with forgivable loans to cover payroll costs. While lawmakers allocated $350 billion to PPP in the March stimulus package, those funds were ultimately far from enough to address the need of millions of small businesses in the US.

Thus far, 1.6 million small businesses have received funding from PPP, according to the Small Business Administration, but hundreds of thousands are still waiting to hear on their application status after money for the program ran out last week

Source:Vox News

To help make sense of this new legislation for 757 Businesses, we are joined by Bryan K Stephens (President and CEO) and Emily Hasty (Executive Director of Governmental Affairs) of the Hampton Roads Chamber.

Check out their discussion below and log in to leave a question!

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Bryan K. Stephens
Emily, Welcome to the Forum!  This topic is very timely.  The President is getting ready to sign a $484B stimulus 4 package that was overwhelmingly approved by Congress to provide continued relief to businesses. What is the breakdown of the distribution of funds? 
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emilyhasty
Thank you, Bryan! It is a pleasure to able to participate in this forum. This package aims at sending additional help to small businesses and hospitals struggling amid closures as well as expanding support for testing. Like you stated, President Trump is about to sign this package. There was a $310 billion increase (total of $659 billion) for the Paycheck Protection Program, $10 billion increase (total of $20 billion) for EIDL Grants and an additional $50 billion to support EIDL Loans, $75 billion increase (total of $175 billion) for reimbursement to hospitals and healthcare providers, and $25 billion for COVID-19 tests.
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Bryan K. Stephens
Great!  $310B for Paycheck Protection Program!   Are there any changes to the eligibility for the PPP?  Are 501c(6)s included?
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emilyhasty
There are no changes in the eligibility for the Paycheck Protection Program. Unfortunately, 501c(6) organizations were not included in this package. However, the Hampton Roads Chamber has been in constant communication with the US Chamber and federal government officials to continue to advocate to include 501c(6)'s.
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Bryan K. Stephens
OK.  Will applications for the PPP filed for stimulus 3 after initial funding ran out be considered for this funding or do applicants have to refile?
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emilyhasty
The Paycheck Protection Program is exactly the same as in the CARES Act. There is just a new infusion of cash. Banks will start submitting the applications again once authorized. Applicants will not need to refile. It is encouraged to contact your bank to follow through and make sure all information is accurate and accounted for.
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Bryan K. Stephens
Good news for those who have already applied.  Once signed by the President, how long will it take the SBA to reopen the PPP Program?
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emilyhasty
It would likely take an additional day before SBA can reopen the program, according to some of the banking industry. Also not clear: how long before that additional money is exhausted. There is a large backlog of applications in process from businesses that have already applied. The expectation is that it could be exhausted in under 10 days.
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Bryan K. Stephens
So those who have not applied for PPP should do so ASAP.   Also, you indicated $10B was earmarked for Economic Injury Disaster Loan grants.  Do these grants have to be paid back?
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emilyhasty
Exactly. They should apply as soon as possible.

The promise had been that small business owners could essentially get up to $10,000 within three days of applying for it directly from the SBA website. The Economic Injury Disaster Loan money does not have to be paid back if it is used to maintain payroll, cover paid sick leave, and service other debt obligations. I will also add that if a small business owner gets both a grant and a forgivable Paycheck Protection Program loan, the forgiveness of the latter loan would be reduced by the amount of the grant.
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emilyhasty

The $10 billion increase (total of $20 billion) for EIDL Grants and an additional $50 billion to support EIDL Loans also allows agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees to receive EIDL grants and loans.
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Bryan K. Stephens
Good to know.  You said there was $75B allocated for hospitals and healthcare providers.  What specifically is this funding for?
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Amy Jordan ajordan
Bryan thank you to you and your team with hosting and publishing the COVID Business Recovery Resource Guide for Hampton Roads on the Chamber's site.  What other tools would you and Emily suggest Businesses use to stay informed of financial resources? 
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emilyhasty
Hospitals and health care providers will get an additional $75 billion to reimburse them for coronavirus-related expenses, such as buying additional personal protective equipment and expanding the number of beds they have. It will also go to compensate hospitals and providers for lost revenue, mainly from the suspension of elective surgeries and procedures. This has hit hospitals very hard financially, forcing some to furlough workers or cut staffers' pay and hours. 

Yesterday, Governor Ralph Northam extended the current ban on elective surgeries by one week, until May 1, 2020.
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Bryan K. Stephens
Hi Amy!  Thank you for your question.  We work every day to consolidate all the resources we are aware of into the COVID-19 Business Resouce Guide.  As you know, that guide in on our website (HRChamber.com).  It essentially is a repository of information for the business community.  Two other sites that may be helpful to the business community are the U.S. Chamber and the Small Business Administration websites.  
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Bryan K. Stephens
Thanks, Emily.  Yes the hospitals are being hit hard financially.  So are the State and local governments. Is there any funding for state and local governments in the stimulus 4 package?
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emilyhasty
Bryan thank you to you and your team with hosting and publishing the COVID Business Recovery Resource Guide for Hampton Roads on the Chamber's site.  What other tools would you and Emily suggest Businesses use to stay informed of financial resources? 


Thank you, Amy. I concur with everything Bryan stated. NFIB, National Federation of Independent Business, is another great resource that updates information frequently.
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emilyhasty
Thanks, Emily.  Yes the hospitals are being hit hard financially.  So are the State and local governments. Is there any funding for state and local governments in the stimulus 4 package?


No, there is no additional funding in this particular package.

However, lawmakers wanted to provide an additional $150 billion for state and local governments, which are also suffering from huge drops in revenue and increased public health expenditures. Several have already started furloughing workers and have warned of budget cuts ahead. The third relief package, passed in late March, established a $150 billion fund for state and local governments to cover expenses related to combating the coronavirus outbreak.
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Bryan K. Stephens
Considering the burn rate of the previous stimulus packages, I'm not sure the additional $484B is going to be enough if businesses aren't allowed to open soon.  Will there be a stimulus 5 package?
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emilyhasty
Considering the burn rate of the previous stimulus packages, I'm not sure the additional $484B is going to be enough if businesses aren't allowed to open soon.  Will there be a stimulus 5 package?

From speaking with Senator Kaine this past week, he expressed the need for another stimulus package which we could expect to see in May.
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Bryan K. Stephens
Thanks, Emily!  I've enjoyed our discussion.  I know you will continue to help inform the business community and lobby hard on their behalf at the local, state, and federal levels.  
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emilyhasty
Bryan, thank you for having me! The Hampton Roads Chamber will continue to advocate on behalf of businesses especially in these unprecedented times.
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