WASHINGTON, D.C. – Congressman Andy Barr (R-KY) released a statement today calling for expansion and enhancements to the Paycheck Protection Program:
“The Paycheck Protection Program (PPP), enacted as part of the CARES Act, has generated more than $70 billion in forgivable loans to American small businesses in just a few days. Despite this massive and rapid investment in small businesses, and because of growing demand for the program, additional funding and enhancements are required to help small employers keep their workers on the payroll through the duration of the pandemic-related shutdown of the U.S. economy. That is why I am joining House Minority Leader Kevin McCarthy and Senate Majority Leader Mitch McConnell in supporting Treasury Secretary Steven Mnuchin’s impending request to Congress for increased funding to the PPP. No eligible small business or employee should be left behind simply due to an arbitrary shortage of appropriations.
“Furthermore, last Friday, I personally asked Secretary Mnuchin to establish a liquidity facility to provide immediate funding to participating lenders so they can continue to originate PPP loans without negatively impacting their leverage ratios and before the Small Business Administration (SBA) begins to purchase these loans from lenders seven weeks from now."
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