Jacobs says unused PPP allocation should got to hardest-hit small businesses
Congressman Chris Jacobs (NY-27) delivered a speech on the House Floor yesterday advocating for H.R. 8265, which if passed would allow the hardest-hit small businesses to apply for a second round of Paycheck Protection Program loans. Currently, there is more than $130 billion in funding available that just needs to be released.
Transcript of Rep. Jacobs floor remarks:
“Thank you, Mr. Speaker. Mr. Speaker, of the many excellent provisions in the CARES Act, which was passed by this body, undoubtedly one of the most successful was the PPP, the Paycheck Protection Program - which literally helped thousands of small businesses and over 50 million jobs be saved during the COVID-19 pandemic. The PPP was also successful because it partnered with the private sector, utilizing local banks to disperse the PPP loans. Already the banks had relationships with the small businesses in their communities.
"These existing relationships between banks and small businesses were invaluable in getting these funds out on to the street in record speed. Again, saving thousands of businesses and millions of jobs. In my district alone, PPP saved over 50,000 jobs. It is due to the success of the PPP and the significant need for additional PPP funds for small businesses around the nation that I rise in support of H.R. 8265, sponsored by Representative Chabot. This is a commonsense piece of legislation, there is approximately $130 billion in unspent PPP funds.
"This bill simply enables the small business administration to do another round of PPP awards. There is still incredible demand and need for this program. So, this is not an allocation of additional money. As both sides debate a much larger and more complicated new stimulus package, I think this bill is a great first step. It is a program that has shown itself to be incredibly effective in saving jobs and small businesses.
"There is most definitely more demand for PPP loans from small businesses and local nonprofits. The model of awarding the funds has shown itself to be excellent. Finally, it doesn't require an additional appropriation. Mr. Speaker, our small businesses are fighting for their survival and millions of jobs hang in the balance. We can do this. This money is there, and the program works. Thank you. I yield back.”