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Paycheck Protection Program

January 13, 2021 - 4:37pm

Press release:

Congressman Chris Jacobs (NY-27) is announcing a webinar hosted by the Small Business Administration (SBA) to discuss the Shuttered Venue Operators Grant.

“I first want to commend the SBA for their tireless work to support our small businesses and our communities," Jacobs said. “One of my top priorities since taking office has been to deliver economic relief to support millions of American small businesses.

"When we passed the most recent COVID-19 aid package, not only did we deliver $284 billion to support the Paycheck Protection Program, but we also enacted additional provisions such as the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act that continue to represent our commitment to a strong American comeback."

This legislation allocated $15 billion to the Shuttered Venue Operators Grant program, which offers up to $10 million in grant funding to eligible organizations. The webinar will take place on Jan. 14th at 3 p.m. EST, and will cover eligibility, accessibility of grants, and the application process. 

Please be advised this webinar will fill up fast, if additional sessions become available an update will be provided.

To register for the webinar, visit: https://www.eventbrite.com/e/shuttered-venue-operators-grant-webinar-registration-136050549857?utm_medium=email&utm_source=govdelivery  

In addition, the Paycheck Protection Program is currently open to both first time recipients and applicants seeking a second draw. The funding is being distributed through Community Financial Institutions.

To be eligible for a second loan, a borrower must meet the following criteria:

1) Received a first-time loan and has or will use the full amount for authorized uses;

2) Has no more than 300 employees, and

3) Can demonstrate at least a 25-percent reduction in gross receipts between comparable quarters in 2019 and 2020.

For more information on the Paycheck Protection Program, please visit: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.

January 12, 2021 - 2:50pm
posted by Press Release in Chris Jacobs, Paycheck Protection Program, business.

Press release:

Congressman Chris Jacobs (NY-27) is announcing that the Paycheck Protection Program has been reopened for first- and second-time borrowers.

“Since I took office this summer, I have made it a top priority to extend the Paycheck Protection Program," Jacobs said. "It has supported 51 million American jobs, with 12 million of those in rural communities and thousands of them right here in Western New York."

“The reopening of this program represents our continued commitment to supporting the hard-working American small business owners and employees who are the backbone of our local communities and economy.”

The Paycheck Protection Program reopens today – Monday, Jan. 11th – for first-time borrowers through community financial institutions. On Wednesday, Jan. 13th, the program will be open to second-time borrowers.

A borrower is eligible for a second draw if they:

1) received a first-time loan and has or will use the full amount for authorized uses;

2) has no more than 300 employees, and

3) can demonstrate at least a 25-percent reduction in gross receipts between comparable quarters in 2019 and 2020.

In addition, when the most recent COVID-19 package was signed into law, it enacted a provision that ensures expenses paid for with PPP loan funds will be considered tax deductible. This upholds the original intent of the CARES Act.

“I successfully joined my colleagues in strongly advocating the allowance of tax deductibility for loan expenses. Many businesses accepted these loans under the premise they would not be surprised with an additional tax burden this coming year,” Jacobs said. “I’ll keep working to support small businesses, protect and create jobs, and move our Western New York economy forward.

For more information regarding the reopening of the Paycheck Protection Program, please visit here.

September 30, 2020 - 1:39pm
posted by Press Release in Chris Jacobs, business, Paycheck Protection Program.

Press release:

Congressman Chris Jacobs (NY-27) signed a discharge petition yesterday to force a vote on H.R. 8265, a bill that would release the over $130 billion in unspent Paycheck Protection Program funds currently available.

“American small businesses are facing unprecedented challenges, and we have an excellent opportunity to deliver them critical aid now," Jacobs said. "The success of the Paycheck Protection Program cannot be disputed, so the fact that this bill has been used as a pawn in partisan games is an appalling disservice to the American people.

"I was proud to cosponsor H.R. 8265, and I am proud to sign this discharge petition and join my colleagues to support American small businesses. I urge my colleagues on the other side of the aisle to sign this petition to help us get this critical funding to our small businesses and main streets."

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