Rep. Taylor Urges Congress to Replenish Paycheck Protection Program
"It's time for Congress to come together to do whats best for the American people."
Today, Congressman Van Taylor called on Congress to come together to immediately replenish Paycheck Protection Program (PPP) funding.PLANO – Today, United States Congressman Van Taylor (TX-03) released the following statement on the need to immediately replenish Paycheck Protection Program (PPP) funding which was depleted on Thursday, April 16, 2020:
To help workers provide for their families and assist businesses struggling to keep their doors open, Congress passed H.R. 748, the CARES Act which created the Paycheck Protection Program, a Small Business Administration (SBA) 7(a) loan program. This program provides $350 billion for 100% federally-guaranteed loans for eight weeks of cash-flow assistance to small businesses and 501(c)(3) nonprofits. Sole-proprietors, independent contractors, and other self-employed individuals are eligible for these loans as well.
On Wednesday, April 15, 2020 day, U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza announced, “By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations." The next day, the program reached its $350 billion cap. As a result, the SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding.
A 7th generation Texan, Congressman Van Taylor is a dedicated family man, successful businessman, and decorated Marine Officer. Taylor served Collin County both in the Texas House of Representatives and Texas Senate. Today, Taylor is proud to serve on the House Committee on Financial Services.