POLICY ALERT: Congress To Pass $484B Interim Funding Agreement

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POLICY ALERT: Congress To Pass $484B Interim Funding Agreement

April 22, 2020

Yesterday, Congress came to an agreement on a new interim Coronavirus funding deal to replenish some of the most utilized programs in the CARES Act passed on March, 27, 2020.

The Senate passed the legislation during a 4:00pm ET vote yesterday. The House is expected to return to D.C. to pass the legislation as early as Thursday.

The funding package includes $484 billion in funding for small businesses and healthcare providers.

Small Businesses: $384 Billion

  • $322 Billion for the Paycheck Protection Program
    • $60 billion for Community Financial Institutions, defined as minority depository institutions, certified development companies, microloan intermediaries, and credit unions
      • $30 billion for loans made by insured institutions and credit unions with assets between $10 billion and $30 billion 
      • $30 billion for CDFIs, small insured depository institutions, and credit unions with assets below $10 billion 
  • $60 Billion for the Economic Injury Disaster Loans Program 
  • $2 Billion for SBA administrative costs 

Healthcare Funding: $100 Billion

  • $75 Billion for the Public Health and Social Services Emergency Fund for use by hospitals 
  • $25 Billion to expand capacity for COVID-19 testing
    •  Of this, no less than $11 Billion for states, localities, tribes, and tribal health organizations

What's not included:

It's important to note that this round of funding does not include any additional funding for state, local, or tribal governments. We anticipate more governmental funding in future legislative packages.  

Paycheck Protection Program Tribal Strategy:

Tribes should utilize a financial services provider that is local or seek out a nationally-chartered bank like Native American Bank. 

Seek loans through Native-owned banks and CDFI’s that are providing SBA 7(a) loans:

  • Native Owned Banks
  • Participating Native CDFIs – Alaska Growth Capital Fund, First Nations Community Financial, Native Community Capital, Muscogee Loan Fund

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