Rep. Payne, Jr. Votes to Extend Paycheck Protection Program
Media Contact: Patrick Wright -- Patrick.Wright@mail.house.gov
Washington, D.C. — Congressman Donald M. Payne, Jr. voted for a bill to extend the popular Paycheck Protection Program yesterday. The application deadline for the program, designed to help small business owners pay to retain employees as well as expenses, had expired. The new bill would extend the application deadline for new loans until August 8, 2020.
“We needed to extend the deadline because companies are still struggling to survive this global pandemic,” said Congressman Donald M. Payne, Jr. “We have seen cases increase throughout the country because states and residents refuse to follow the guidelines and recommendations of health experts on how to reopen the country safely. Many governors have had to reinstate restrictions to try and flatten the curve again. We may have to extend the deadline again if the economic effects of this coronavirus continue into the fall.”
The program has become one of the most popular aspects of the $2.2 trillion CARES Act coronavirus stimulus package. It allocated $660 billion to help small businesses survive the economic effects of this public health and economic crisis. Reports state that more than 4.8 million small business have received $520 billion in potentially-forgivable loans through it. Congress passed additional bills to make sure that money from the program goes to the stores and shops that need it the most, such as small businesses with less than 50 and even less than 10 employees.