President Donald Trump signed
the latest coronavirus relief bill into law Friday, a $484 billion package that
would revive the depleted Paycheck Protection Program (PPP) for distressed
small businesses and provide much-needed funds for hospitals, many of which are
connected with universities.
The bill includes $210 billion
for PPP and $10 billion for the COVID-19 Economic Injury Disaster Loan program.
These programs may be used for payroll costs, costs related to the continuation
of health care benefits, payments of interest on mortgage obligations, rent,
utilities, and interest on other debt obligations.
The bill also includes $1.8
billion for the National Institutes of Health to develop and implement testing,
and $75 billion for hospitals to cover treatment for coronavirus patients and
lost revenue from canceled elective procedures.
A number of small colleges and
universities have been trying to access the Small Business Administration (SBA)
program, especially given the forgiveness options available. ACE and 34 other
higher education associations sent a letter
Thursday to the House and Senate small business committees, asking that any
future expansions and any future SBA loan programs created to address the
COVID-19 crisis address several issues that will make it easier for higher
education institutions to access, including the exemption of student workers
under employee threshold eligibility standards.
On a related note, ACE and 35
other associations sent a letter
to the House Financial Services Committee and Senate Banking Committee on the Main Street Lending Program, a new program at the Federal
Reserve for small and mid-sized businesses that were in good financial standing
before the crisis. It will offer four-year loans to companies employing up to
10,000 workers or with revenues of less than $2.5 billion.
The groups asked that student
workers also be exempted in calculating this cap, and that nonprofit private
and public higher education institutions be explicitly made eligible for the
programs.