The U.S. House of Representatives just overwhelmingly voted to pass legislation providing roughly $484 billion in coronavirus relief for small businesses. The Airforwarders Association advocated for this additional money and hopes the measure will assist members who were unable to receive funding for applications filed under the Paycheck Protection Program.
The legislation passed today includes $321 billion to replenish the Paycheck Protection Program, with $60 billion dedicated to "underbanked" small businesses; $60 billion for the tapped-out Economic Injury Disaster Loan (EIDL) program; $75 billion for hospitals; and $25 billion for coronavirus testing.
While we do not expect today's legislation to satisfy all requests for financial relief, sources on Capitol Hill tell us that another funding round is expected in mid-May. As we urged in a recent video message to AfA members, now is the time to contact your Members of Congress and the Senate in urging them to not only continue this essential funding, but to help the freight forwarding industry that has seen significant hardship throughout the coronavirus crisis.
The President is expected to sign the bill into law shortly.
We look forward to continuing our advocacy efforts and receiving feedback about your experiences.