PIA National was joined this week by a broad cross section of business groups in authoring a letter to Congressional leadership calling for more funding for the Paycheck Protection Program (PPP) created by the CARES Act. The PPP section of the CARES Act provides businesses with low interest loans, which, under certain circumstances, can be converted into grants, to help keep employees on the payroll and small businesses from becoming insolvent due to shutdowns prompted by the coronavirus pandemic. The PPP has already approved almost all its allotted $349 billion funding, even though many businesses encountered problems that delayed their application process, which may ultimately prevent them from getting necessary aid.
Despite its problems, the PPP is an essential tool for providing small businesses with the economic aid they desperately need during this economic crisis. Without Congressional approval of more funding, the program cannot continue to approve loans.
PIA National is calling for Congress to immediately provide additional funding to the program, so small businesses can obtain necessary loans to maintain their workforce and their businesses.