Last week, despite the success of the Paycheck Protection Program (PPP), House Democratic Leadership allowed the program to hit its funding cap, which has prevented small businesses from accessing loans that they desperately need.
The Paycheck Protection Program approved forgivable loans to more than 1.6 million small businesses and processed nearly $350B in only 14 days. Late last week, the SBA released an updated report to detail the success of this program. In Virginia, as of April 16, 40,371 PPP loans were approved totaling $8,721,170,223.
On Sunday, Secretary Mnuchin detailed the contours of an agreement being negotiated that would authorize more funding for this program, in addition to adding money for hospitals and testing. According to the Secretary, the deal includes:
- $310B for the PPP
- $50B for Economic Injury Disaster Loans
- $10B for disaster grants
- $75B for hospitals
- $25B for testing
House Majority Leader Steny Hoyer announced yesterday that, pending agreement on interim legislation related to the coronavirus response and the Paycheck Protection Program, the House could meet as early as Wednesday, April 22, 2020 at 10:00 a.m. to consider that legislation.
This comes after critical resources were delayed from going to the PPP last week. This is part of a pattern that House Democratic Leadership has displayed since this crisis began.
Applications continue to pour in from small businesses all across the nation. We need to replenish the account, and I will continue to work with my colleagues in Washington to pass a measure getting critical resources to those affected by COVID-19.