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Luetkemeyer: PPP is a Targeted Rescue Vessel for Our Nation's Small Businesses
WASHINGTON, D.C. – Today, House Committee on Small Business Ranking Member Blaine Luetkemeyer (R-MO) spoke on the House floor in favor of H.R. 1799, the Paycheck Protection Program (PPP) Extension Act of 2021, a bipartisan bill introduced and sponsored by Ranking Member Luetkemeyer (MO-03), Chairwoman Nydia M. Velázquez (NY-07), Congresswoman Young Kim (CA-39), and Congresswoman Carolyn Bourdeaux (GA-07).
Ranking Member Luetkemeyer's remarks as prepared for delivery:
Thank you, Madam Speaker. I yield myself as much time as I may consume and rise in support of H.R. 1799, the Paycheck Protection Program (PPP) Extension Act of 2021, as amended. The Paycheck Protection Program has proven to be a successful rescue vessel for millions of small businesses across the country.
When COVID-19 wiped out their operations, their plans, and their next steps, the PPP provided stability and confidence to small businesses in a time of darkness. With over two rounds of funding, the program has provided 7.5 million loans for approximately $687 billion.
According to the SBA’s own statistics, the program assisted or saved roughly 50 million American jobs from April of last year to August of last year. This has been a monumental task for the SBA and the Department of the Treasury. However, more work needs to be done to ensure this program can wrap up smoothly for small businesses and lenders.
Currently, PPP loans are facing lengthy delays as error codes force multiple back and forth conversations between small businesses, lenders, and the SBA. And these crosschecks are creating uncertainty as to how the loans will proceed. Complicating this even further, the PPP is set to expire two weeks from tomorrow, and the SBA is reporting that the end date will prevent all loans that are currently in the pipeline from being processed.
Under no circumstances should an American small business that applied for a PPP loan have their loan discarded due to a bureaucratic technical delay at the SBA. Simply put, if they completed their PPP paperwork on time, their loan should be considered. To correct this, H.R. 1799, the PPP Extension Act, provides a 30-day exclusive window for the SBA to fully process and consider all PPP applications that are received before the program concludes.
Additionally, given the current demand for the PPP and the billions of dollars remaining within the program, H.R. 1799 extends the application window for 60 days. As a reminder, Congress reformed and replenished the PPP in December with the Consolidated Appropriations Act, providing the program with $284.5 billion. This funding should be reserved solely for American small businesses, and it should remain available to them through a program that is proven to be successful.
I would like to thank the Chair for working in a collaborative manner with me to ensure the program remains available to the hardest hit small businesses through May 31st and that the SBA will have enough time to fully consider and address all error codes. Additionally, I look forward to working with the Chair to address other PPP issues in the coming weeks.
I want to applaud the gentlelady from California, Ms. Kim, and the gentlelady from Georgia, Ms. Bourdeaux, for working efficiently and in a bipartisan manner to address these issues that are creating uncertainty across the nation.
I urge and recommend all my colleagues to support H.R. 1799, and I reserve the balance of my time.
Ranking Member Luetkemeyer's remarks as prepared for delivery:
Thank you, Madam Speaker. I yield myself as much time as I may consume and rise in support of H.R. 1799, the Paycheck Protection Program (PPP) Extension Act of 2021, as amended. The Paycheck Protection Program has proven to be a successful rescue vessel for millions of small businesses across the country.
When COVID-19 wiped out their operations, their plans, and their next steps, the PPP provided stability and confidence to small businesses in a time of darkness. With over two rounds of funding, the program has provided 7.5 million loans for approximately $687 billion.
According to the SBA’s own statistics, the program assisted or saved roughly 50 million American jobs from April of last year to August of last year. This has been a monumental task for the SBA and the Department of the Treasury. However, more work needs to be done to ensure this program can wrap up smoothly for small businesses and lenders.
Currently, PPP loans are facing lengthy delays as error codes force multiple back and forth conversations between small businesses, lenders, and the SBA. And these crosschecks are creating uncertainty as to how the loans will proceed. Complicating this even further, the PPP is set to expire two weeks from tomorrow, and the SBA is reporting that the end date will prevent all loans that are currently in the pipeline from being processed.
Under no circumstances should an American small business that applied for a PPP loan have their loan discarded due to a bureaucratic technical delay at the SBA. Simply put, if they completed their PPP paperwork on time, their loan should be considered. To correct this, H.R. 1799, the PPP Extension Act, provides a 30-day exclusive window for the SBA to fully process and consider all PPP applications that are received before the program concludes.
Additionally, given the current demand for the PPP and the billions of dollars remaining within the program, H.R. 1799 extends the application window for 60 days. As a reminder, Congress reformed and replenished the PPP in December with the Consolidated Appropriations Act, providing the program with $284.5 billion. This funding should be reserved solely for American small businesses, and it should remain available to them through a program that is proven to be successful.
I would like to thank the Chair for working in a collaborative manner with me to ensure the program remains available to the hardest hit small businesses through May 31st and that the SBA will have enough time to fully consider and address all error codes. Additionally, I look forward to working with the Chair to address other PPP issues in the coming weeks.
I want to applaud the gentlelady from California, Ms. Kim, and the gentlelady from Georgia, Ms. Bourdeaux, for working efficiently and in a bipartisan manner to address these issues that are creating uncertainty across the nation.
I urge and recommend all my colleagues to support H.R. 1799, and I reserve the balance of my time.
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