HAI Applauds U.S. Senate Action on Interim Relief Bill, Providing Replenishing Funding for CARES ACT
Late on Tuesday afternoon, April 21, the US Senate unanimously approved a nearly $500 billion interim relief bill aimed at replenishing program funding established under the $2 trillion Coronavirus Aid, Relief and Economic Security Act (CARES Act). The House expects to pass the bill later this week, and the White House has already indicated President Trump will sign the bill.
Helicopter Association International (HAI) is again pleased that these programs assisting small businesses are available to the vertical lift industry. “Eighty percent of the HAI membership consists of small businesses,” says James Viola, president and CEO of HAI. “We extend our gratitude to Congress for their continuing efforts to develop solutions for the problems faced by our industry due to the COVID-19 pandemic.”
The Small Business Administration has not been able to process new applications for the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Emergency Advance due to a lapse in funding provided in the CARES Act.
“We look forward to working with Congress with all of their efforts to stimulate the economy,” says Cade Clark, HAI’s VP of Government Affairs. “These SBA programs have served as lifelines for our many members running small businesses, and we are pleased that Congress has answered our calls to provide additional funding. HAI has had an extensive history of producing positive results when we work on behalf of our industry, and this bill is another example of those results.”
Clark highlighted some of the bill’s critical components that will assist HAI members in the United States:
· $310 billion for the Paycheck Protection Program
o Creates a $60 billion set-aside for Insured Depository Institutions, Credit Unions, and Community Financial Institutions for PPP loans
· $50 billion for the Disaster Loans Program
· $10 billion for Emergency Economic Injury and Disaster Loan (EIDL) grants
· $100 billion in healthcare funding
“For updates, HAI members should continue to access the members-only Legislative Action Center at rotor.org/LAC,” adds Clark. “We are also posting relevant information for the global HAI membership at rotor.org/COVID.”
