Rep. Spano: "Paycheck Protection Program' Funding & Oversight

Press Release

Today, U.S. Representative Ross Spano (R-FL), the sole Florida Representative serving on the House Small Business Committee, voted "Yes' on providing additional funding to the "Paycheck Protection Program' (PPP) and participated in a House Small Business Committee hearing titled: "Member Day Hearing on COVID-19 Response and Recovery." The hearing allowed representatives to provide their feedback on the impact of the "Paycheck Protection Program' (PPP) in their districts and address concerns that some of the funding of PPP had gone to unintended recipients.

"The Paycheck Protection Program is intended to help out mom and pop shops around our district and country-- anyone who purposely took advantage of this program will have to answer to Congress. This funding is not only a matter of protecting American paychecks, it is about protecting the fabric of our community and protecting their livelihoods," said Rep. Spano. "As the ranking member of Investigation, Oversight & Regulations on the Small Business Committee, I will ensure that not only the letter of the law was followed, but the spirit of the law as well."

In Florida's 15th Congressional District, 92.2% of business are categorized by the Small Business Administration (SBA) as a "small business' and over 41% percent of all employees within the district work in one. While Rep. Spano believes the PPP funding is investing in our nation's small businesses, he also knows we must take a hard look at our existing financial obligations and is working with his colleagues to tackle the national debt.

On Wednesday, April 22nd, Rep. Spano spoke with the U.S. Small Business Administrator, the Honorable Jovita Carranza, and shared concerns from local business owners that they were left behind in the original PPP funding provided in the CARES Act. Many Members of Congress expressed the same sentiment in today's hearing.

In response, the Small Business Administration (SBA) and the U.S. Treasury issued guidance today stating that businesses should only seek PPP loans if current "economic uncertainty makes this loan request necessary" and that businesses who took out loans unnecessarily have until May 7, 2020 to repay the loan without penalty.

"While this guidance was not available in the first round, I fully expect those who took out PPP loans when they didn't qualify to return them promptly. This program was created solely to serve small businesses in need, and I will use my position as the lead Republican on the Investigations, Oversight and Regulations Subcommittee to insist on proper oversight," said Rep. Spano.

Since the beginning of the pandemic, Rep. Spano has been working diligently with small business owners and local financial institutions across FL-15 to ensure residents and businesses are aware of federal aid available through the Small Business Administration & U.S. Department of the Treasury. He made available an "In-Depth Small Business Guide' and a "Non-Profit Guide' for interested parties.

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