Calls on Speaker Pelosi, Sen. Schumer to end partisan games
Washington, D.C. – Congressman Fred Keller (R-PA) on Thursday called for swift and clean passage of additional funding for the successful Paycheck Protection Program, a highly in-demand part of the CARES Act that provides low-interest loans to qualifying small businesses that can be made forgivable if used for certain business expenses, including employee payroll.
While the Administration and House and Senate Republican leaders worked last week to pass a clean funding bill that would have injected another $250 billion into the program, which every member of Congress supported two weeks ago, Speaker Nancy Pelosi and Sen. Chuck Schumer held up the legislation.
According to the U.S. Treasury, the U.S. Small Business Administration has processed what would normally be 14 years-worth of small business loans in 14 days and completely exhausted the $349 billion in funding authorized for the program in the bipartisan CARES Act.
As of Wednesday, more than 36,000 Pennsylvania small businesses have taken part in the program, receiving nearly $10 billion in Paycheck Protection Loans, ranking Pennsylvania in the top ten in states utilizing the program. Nationally, the SBA approved 1,625,673 loans for a total amount of $347 billion.
On providing additional funding for the Paycheck Protection Program, Congressman Fred Keller (R-PA) made the following statement:
“The best form of economic stimulus is a job. Small businesses across this country employ nearly half of all Americans, providing family sustaining careers while being vital members of every local community.
“The Paycheck Protection Program has been a lifeline at a time when 22 million Americans have filed for unemployment and 90 percent of small businesses have been impacted as a result of COVID-19. More than a million small businesses across America have used the bipartisan Paycheck Protection Program to their advantage to help weather this pandemic and keep people employed.
“I support a swift and clean funding bill to make sure that small businesses can get the help they need to remain open and be a key part in our nation’s economic recovery.
“I call on Speaker Pelosi, Sen. Schumer, and every member of Congress to put American small businesses and families first by supporting a clean funding bill for the Paycheck Protection Program immediately. Now is not the time to hold vital funds hostage in order to push for partisan priorities and long-term policy changes that are outside the scope of helping our small businesses and their workers fare the effects on this pandemic.”
