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Stimulus package to offer $350B in small business loans— ATM operators could get help

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March 25, 2020

The largest stimulus bill in U.S. history is almost reality, thanks to a deal finally struck between the White House and U.S. Senate okaying $2 trillion to keep alive and revive the nation's faltering economy under the weight of COVID-19 restrictions, according to CNN. 

"At last, we have a deal," said Senate Majority Leader Mitch McConnell, wrapping up days of round-the-clock negotiations. 

The Senate is set to reconvene soon, but a time for the official vote hasn't been publicized. Likewise, complete details are still to be released, but the measure is said to include $250 billion for direct payments to individuals and families, $350 billion for small business loans, $250 billion in unemployment insurance and $500 billion in distressed company loans.

Senate Minority Leader Chuck Schumer's office said it also contains a provision blocking President Donald Trump, his family, top government officials and members of Congress, from obtaining Treasury program stimulus loans or investments 

"This is not a moment of celebration but of necessity," Schumer told the Senate.

With the acceptance of the plan expected to happen shortly, executive members of ATMIA, the non-profit trade association that represents the global ATM industry, hope that the help promised to small businesses will be able to assist many of their members that have been affected.  

"Our ATM operator members have been working hard during this difficult time to maintain consumer access to cash – as have those organizations that provide ancillary products and services," stated David Tente, ATMIA’s executive director for the US and the Americas. "The closure of so many restaurants, hotels, office buildings and entertainment venues make a significant number of ATMs inaccessible to consumers, while still incurring many of the same expenses for the operator.  ATMIA is hopeful that the proposed stimulus package will include benefits for those doing their best to maintain self-service financial services that our economy depends on every day." 

Part two in this two-part series will explore additional loans and benefits under the CARES Act.

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ATM Industry Association (ATMIA)

The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.

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