Press release:
Chris Jacobs, the Republican nominee for New York’s 27th congressional district, is calling on Congress to add additional funding to the Paycheck Protection Program.
“The CARES Act provided small businesses with a critical $350 billion in funding, but as the COVID-19 crisis continues more small businesses will need this critical funding to ensure they can care for their employees and still be operational when this challenge is over,” Jacobs said. “I am joining Secretary Mnuchin in strongly urging Congress to add critical additional funding to the program so any small business that needs help can get it. Our Western New York economy depends on it.”
Small businesses in Western New York and around the country are currently applying for the Paycheck Protection Program to ensure they can keep employees employed and cover essential operations of their businesses.
The Paycheck Protection Program is $350 billion loan program enacted as part of the CARES Act signed by President Trump. The program, governed by the Small Business Association (SBA), provides businesses an eight-week loan of cash flow.
The loan can be forgiven if the business uses at least 75 percent of the money to cover payroll costs and the remainder is used for rent, mortgage, or utilities. For more information, click here.
