(Washington, D.C.) – Congressman Larry Bucshon, M.D. (IN-08) released the following statement after signing a discharge petition to bring to the House floor a vote for common sense legislation that would allow small businesses who need additional assistance to access unspent funds that have been allocated to the Paycheck Protection Program.
“Speaker Pelosi and House Democrats are playing politics with the livelihoods of millions of Americans on Main Street by holding hostage legislation that would allow businesses to access unspent Paycheck Protection Program funds. Allowing businesses to access these unspent funds is an idea that enjoys wide support among both Republicans and Democrats. Unfortunately, holding this commonsense proposal hostage is her latest attempt to exploit the COVID-19 crisis in order to jam a socialist agenda through Congress. This is unacceptable.
“The Paycheck Protection Program was created to ensure small businesses could survive this global pandemic. It has been wildly successful, saving small businesses across the nation and keeping millions employed. With COVID-19 still holding the economy back, it is time to allow businesses that qualify to access the unspent PPP funds that will help save businesses and jobs across America.”
Background on H.R. 8265:
· Authored by Rep. Steve Chabot (R-Ohio), Ranking Member of the House Committee on Small Business.
· Frees up $138 billion in unspent Paycheck Protection Program funds, extending the program until December 31, 2020.
· Allows businesses to take a second loan.
· Adds size and revenue restrictions to the application process.