Stevens Cosponsors Bipartisan Legislation to Extend SBA Paycheck Protection Program
WASHINGTON — Today, Congresswoman Haley Stevens (MI-11) cosponsored bi-partisan legislation to significantly expand the Small Business Administration’s Paycheck Protection Program to ensure that every qualified small business is able to access the critical assistance they need to retain their workforce and cover basic operating costs for the full duration of the unprecedented coronavirus pandemic. The Paycheck Protection Program Extension Act, new bipartisan legislation led by Representatives Derek Kilmer (D-WA-06), Jaime Herrera Beutler (WA-03) and Madeleine Dean (PA-04) will significantly expand the program.
“Healthy and thriving small businesses that employ thousands of individuals in my district are experiencing undue hardship through no fault of their own. By replenishing the Paycheck Protection Program, we can ensure that main street businesses and their workers are supported fairly and equitably, while also improving access and making sure no one is left behind,” said Congresswoman Stevens. “I am proud to sign on to this bipartisan effort to save American small businesses and reaffirm my long standing commitment to fully fund this program.”
The Paycheck Protection Program provides forgivable loans to small businesses to pay their employees and keep them on the payroll.
The Paycheck Protection Program Extension Act:
- Shores up the Paycheck Protection Program to ensure all eligible small businesses have access to capital through the duration of the pandemic.
- Automatically renews existing PPP loans.
- Defers repayment of any remaining loan balance for a year.
Click here for a one-page summary of the PPP Extension Act and click here for PPP Extension Act bill text.
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