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September 11, 2020 - 10:02am

Jacobs calls on Senate Democrats to back relief bill that includes automatic PPP loan forgiveness

posted by Howard B. Owens in Payroll Protection Program, news, business, NY-27, Chris Jacobs.

Statement from Rep. Chris Jacobs:

“The Paycheck Protection Program (PPP) has preserved roughly 12 million rural jobs during the pandemic and I support the $150,000 threshold for automatic forgiveness of a PPP loan included in the Senate GOP bill considered yesterday. Unfortunately, every Senate Democrat voted against advancing this critical legislation. Small businesses, workers, and families are facing a major uphill battle as we rebuild our economy, and Congress must act to provide critical relief. I urge the Democrats to stop playing games with American’s livelihoods and work with Republicans and the White House to advance something more than a partisan wish list.”

NOTE: The vast majority of $659 billion Paycheck Protection Program loans, 85 percent, were for $150,000 or less. These are very small businesses and independent contractors. These loans accounted for only 26 percent of the loans approved by the SBA. About 15 percent of the borrowers received 74 percent of the funds. Currently, these small businesses must complete a loan forgiveness form and provide documentation on how the money was distributed (payroll, rent, and utilities are the primary expenses eligible for forgiveness). With automatic forgiveness, these small businesses would need only submit a signed document stating that the funds were used within the guidelines of the program.

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