U.S. Representative Jackie Walorski (R-Ind.) today called for Congress to immediately approve $250 billion in additional funding for the Paycheck Protection Program, which provides forgivable loans to small businesses and non-profits to keep workers employed.
“I’ve heard from Hoosier small businesses that are able to pay their employees and keep the lights on because of this critical lifeline, but I know there are many others still waiting to get the funds they need to survive,” Congresswoman Walorski said. “We can’t leave them and their hardworking employees behind during this unprecedented crisis. It’s time for Speaker Pelosi to stop playing political games and put workers, families, and small businesses first. We can all agree the Paycheck Protection Program needs more funding – so let’s get it done now.”
BACKGROUND
Congress recently passed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides economic relief to American workers, families, and small businesses. The legislation created the Paycheck Protection Program (PPP), which provides $349 billion in forgivable loans for small businesses and non-profits to maintain payroll and cover expenses such as rent, mortgage, and utilities.
The Small Business Administration (SBA) today announced the program funding has been exhausted and new loan approvals cannot be issued until additional funds are appropriated. Congressional Republicans have offered simple legislation to replenish the program with $250 billion in funding, but congressional Democrats led by House Speaker Nancy Pelosi have blocked the bill from consideration.
