WASHINGTON – Sen. John Kennedy (R-La.) released the following statement after Senate Democrats today blocked the Continuing Paycheck Protection Program Act, which would increase support for small businesses.
“The Paycheck Protection Program has helped Louisiana’s small businesses keep their doors open and workers on the payroll during the coronavirus pandemic. There’s still more Congress can do to support Americans as they reignite our economy, and Senate Republicans just voted—again—to send aid to small businesses around the country. It’s sad but not surprising that so many of my Democratic colleagues today blocked another round of PPP funding, even though the Paycheck Protection Program has supported at least 800,000 jobs in Louisiana alone,” said Kennedy.
The Continuing Paycheck Protection Program Act provides $257.7 billion to restart the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) and allows small businesses to receive a second PPP loan. The bill sets aside $25 billion for entities with 10 or fewer employees and $10 billion for loans made by small community lenders, including community financial institutions, credit unions, insured depository institutions and Farm Credit System institutions.
The Continuing Paycheck Protection Program Act also simplifies the forgiveness application process for current and future PPP borrowers receiving loans of $150,000 or less. The bill expands eligible expenses to include supplier costs, personal protective equipment, property damage costs resulting from vandalism or looting and certain operations expenditures.
In addition, the bill gives the SBA authority to commit $780 billion in PPP loans.
The Continuing Paycheck Protection Program Act increases transparency by giving $50 million for the SBA to audit loans.