Ruppersberger Cosponsors Bipartisan Bill to Inject $900 Billion into Paycheck Protection Program
(Washington, DC) – Congressman C.A. Dutch Ruppersberger today signed onto bipartisan legislation to inject $900 billion into the Paycheck Protection Program to help small businesses impacted by the global COVID-19 pandemic. The standalone legislation will replenish the popular loan program after its initial $350 billion allocation ran out of money earlier this week and as millions more Americans file for unemployment benefits.
“As Congress negotiates a second round of emergency relief for American families and small businesses, it has become abundantly clear that re-upping the PPP can’t wait any longer,” Congressman Ruppersberger said. “I have heard from employer after employer who followed the rules and applied right away and were still left out in the cold during the first round of funding. There is an obvious and dire need for this program as small businesses across my district, Maryland and our country decide if they can weather the storm of this pandemic or must close their doors forever.”
Originally introduced by Representatives Derek Kilmer (WA-06), Jaime Herrera Beutler (WA-03) and Madeleine Dean (PA-04), the Paycheck Protection Extension Act:
- Ensures support for small businesses continues through the duration of the pandemic.
- Creates an extension mechanism that puts little to no burden on small business owners while protecting taxpayer interests by establishing clear, commonsense limitations.
- Defers repayment of any remaining loan balance for the duration of the pandemic.
- Provides adequate funding to effectively mitigate the economic impacts of the pandemic on small businesses.
The PPP was created in the third COVID-19 emergency relief package, known as the CARES Act, and provides forgivable loans to small businesses to pay their employees and keep them on the payroll.
Click here for text of the bill.