AMT calls on Congress to increase funds for small business loans
The new Paycheck Protection Program, which issues forgivable federally backed loans to small businesses that retain their workers, is out of money not even three weeks after it launched. Congress has been slow to approve additional funding because of disagreements over other forms of COVID-19 relief, even though both parties support the program.
Last week, AMT called on Congress to urgently replenish the loan funds in a letter signed by 165 national organizations, including AMT, and 92 state and local groups. The letter explained that “while there are many improvements that can and should be made to the PPP – and some companies have not even applied yet due to difficulties with, or uncertainty about, the program – there is unquestionably additional demand for this program that current funding cannot provide. Congress should act expeditiously to assure that the PPP will have the resources it needs to sustain America’s small business economy through the COVID-19 pandemic.”
The Small Business Association announced on April 15 that more than 1.5 million small-business loan applications have been approved so far, totaling more than $324 billion with more than 4,900 lending institutions participating in the program. Congressional action is needed to keep the program alive. Please weigh in with your federal elected officials to let them know this program is critical to the country’s small businesses and to their workers.