Here is today's update on the relief package negotiations that are currently underway. Progress has been made between the White House, Democrats, and Republicans and it looks like an agreement will be reached by Friday. Below is a video recap of this news and the letter Senators wrote today to support more "robust small business funding".
Relief Package and Stimulus Package Updates
As of Wednesday August 5th:
- Yesterday evening, Republican leader Mitch McConnell signaled he would be willing to make concessions in order to reach an agreement. His view was, if the White House agrees to a deal, then he will follow suit.
- Today, the White House mentioned they may be open to the $600 per week federal unemployment assistance benefit extension. This has been the major sticking point, and an agreement here — and other appropriate concessions — could mean a deal is very close.
- Meanwhile 11 Senators (7 Republicans, 4 Democrats) sent a letter to the Senate Small Business Committee demanding that "robust small business funding" also get included in this relief package.
EIDL Bill S.4227 Updates
As of Wednesday August 5th:
- Thank you to the over 5,000 of you who've requested we write your Senators to push for this bill, which would allocate more funding for EIDL advances and EIDL loans — including full $10k advances for all eligible businesses and higher loan amounts.
- The major news, mentioned above, is the letter Senators have written to support this Bill and ask that part of this bill be included in this weeks relief package.
- If you want to be alerted if any EIDL changes are passed or any action is necessary for you to apply for, you can get EIDL alerts here.
More Stimulus and SBA Funding News
- Our daily coverage of the stimulus and EIDL / PPP funding options for small businesses are also on our YouTube channel here.
- Here's our look at the SBA EIDL fraud report that was released last week.
- Here's our look at how COVID could impact social security.
