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:

"This is an unprecedented moment for Texas and for our nation - a threat unlike any we have experienced in our lifetimes. Instead of working together to help Americans, those in Congress who are stalling efforts to replenish the Payroll Protection Program are materially hurting the very people they were elected to help. People are losing their jobs, businesses are closing their doors, and parents are worried about how they will provide for their families. "Now is not the time for Washington games or for politicians to use the hardship of the American people as bargaining chips. "I have been on the phone nonstop with small businesses and workers in my district. They don't care about Republican or Democrat politics. They just need support. "It's time for Congress to come together to do what's best for the American people. It's time to deliver help. Now."

Background
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.

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