"Outrageous"

Statement

Congressman Greg Gianforte (R-Mont.) this morning reacted to Senate Democrats blocking an effort to expand the bipartisan Paycheck Protection Program, a loan program designed to keep small businesses afloat and workers on payroll.

"Outrageous. Nancy Pelosi, Chuck Schumer, and Senate Democrats are delaying the expansion of a bipartisan program to help small businesses and workers -- a program they all voted for in late March. Their partisan obstruction is just outrageous. Folks are hurting. I hear it from Montana workers and small business owners I talk to everyday. Over the last three weeks, the COVID-19 pandemic has forced more than 67,000 Montanans and nearly 17 million Americans to file for unemployment. The Paycheck Protection Program is working, keeping small businesses operating and making sure workers get their paychecks during these tough times. It's outrageous Nancy Pelosi, Chuck Schumer, and Senate Democrats would hijack this critical program that will help restart our economy after our nation overcomes this public health crisis. I hope they'll come around, support this bipartisan program, and provide much needed relief to help Montanans," Congressman Gianforte said.

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Under the program:

Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25 percent of that amount;
Loan payments will be deferred for six months; and
If a small business maintains its workforce, the U.S. Small Business Administration (SBA) will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses.
This morning, Senate Majority Leader Mitch McConnell (R-Ky.) sought to increase funding for the Paycheck Protection Program by $250 billion by unanimous consent. Senate Democrats objected, refusing to allow immediate action on increasing funding for the program.

On Tuesday, U.S. Treasury Secretary asked congressional leaders to provide an additional $250 billion in funding for the Paycheck Protection Program.

The Paycheck Protection Program has been in high demand for Montana small business owners. According to a report yesterday from Tom Lutey in the Billings Gazette, "Montana banks have issued roughly $500 million in the paycheck protection loans to the small businesses since the federal program rolled out five days ago." According to the SBA, more than 5,300 Paycheck Protection Program loans have been issued in Montana as of Tuesday.

The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which President Trump signed into law on March 27. The measure passed the U.S. Senate 96-0 on March 25 and the U.S. House of Representatives by voice vote on March 27.

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