Delgado Introduces Bill to Get Capital to Small Businesses Hit Hardest by COVID-19
WASHINGTON, DC—U.S. Representative Antonio Delgado (NY-19), a member of the House Small Business Committee, introduced key legislation this week with Rep. Angie Craig (MN-02) that would allow small businesses that have received a Paycheck Protection Program (PPP) loan to apply for a second round of PPP funding to keep their small businesses going.
ThePrioritized Paycheck Protection Program (P4) Actwould allow smaller PPP recipients, with significant losses due to COVID-19, to receive a second forgivable PPP loan. The borrowers, including self-employed, must have 100 or fewer employees, and have suffered more than a 50 percent loss in revenues due to the COVID-19 pandemic. They must have exhausted, or be on pace to exhaust, their first PPP loan and certify they need the funding to support ongoing operations for payroll and eligible non-payroll costs. The bill also extends the application deadline for initial PPP loans from June 30 to December 30, or longer, at the discretion of the Small Business Administration (SBA), and uses existing PPP funding for P4 loans.
"From the beginning of the COVID-19 pandemic, I've heard from small businesses across NY-19 that have used the Paycheck Protection Program and are still struggling to recover from losses," said Rep. Delgado. "I'm proud to introduce the Prioritized Paycheck Protection Program Act to allow small businesses with under 100 employees to access additional PPP funds to close revenue gaps and remain operational. With funding still available through PPP, Congress must do all we can to help the businesses who need it most. I urge the committee and House leadership to take up this legislation as soon as possible to get more upstate small businesses back on their feet."
"This global pandemic has had devastating impacts on the small businesses that keep our Main Streets thriving and build memories in our communities. That's why I'm introducing a bill that gives small businesses an opportunity to secure an additional PPP forgivable loans,"said Rep. Craig. "I urge my colleagues on both sides of the aisle and in both chambers to set partisan politics aside and work together to swiftly pass this real solution for every small business across the county."
ThePrioritized Paycheck Protection Program Actwas also introduced in the Senate this week by Sens. Ben Cardin, Chris Coons and Jeanne Shaheen.
As a member of the House Committee on Small Business, Rep. Delgado has worked to elevate the voices of small businesses across New York's 19th Congressional District during the COVID-19 pandemic. The Congressman successfully included his Small Business Repayment Relief Actin the bipartisan CARES Act which was signed into law in March and led the charge to include small farmers in the Small Business Administration'sEconomic Injury Disaster Loan (EIDL) program. Earlier this week, Rep. Delgado helped introduce the bipartisan Small Business PPE Tax Credit Actto provide a tax credit of up to $25,000, for the purchase of personal protective equipment (PPE), for small businesses, 501(c)(3) non-profits, veterans' organizations, independent contractors, farmers, self-employed, and more.