A bill in Congress would assist small businesses by expanding the Paycheck Protection Program and help employers retain workers.
Representatives Derek Kilmer and Jaime Herrera Beutler were both sponsors of new legislation to significantly expand the Small Business Administration’s Paycheck Protection Program to ensure that qualified small businesses are able to access assistance needed to retain their workforce and cover basic operating costs during the coronavirus pandemic.
The Paycheck Protection Program, which was created in the third COVID-19 emergency relief package, provides forgivable loans to small businesses to pay their employees and keep them on the payroll.
The Paycheck Protection Program Extension Act:
Last week, Reps. Kilmer and Herrera Beutler urged the U.S. Department of Treasury and the U.S. Small Business Administration to take steps to improve the Paycheck Protection Program and increase access to loans for small businesses being impacted by COVID-19 across Washington state. The lawmakers called on the agencies to improve the operability of the loan application system, issue additional guidance to improve clarity for lenders, and enhance responsiveness to lenders and borrowers.
Click here for a one-page summary of the PPP Extension Act and click here for PPP Extension Act bill text.