Rep. Spano Improves Paycheck Protection Program

Press Release

Today, U.S. Representative Ross Spano (R-FL) introduced H.R. 7397, the House companion bill to S. 3992, which would allow Chambers of Commerce nationwide to receive loans through the Small Business Administration's Paycheck Protection Program (PPP).

"Chambers of Commerce are essential in bringing our small business community together, and the pro-business climate they facilitate will be vital for our economic recovery from COVID-19 closures," said Rep. Spano. "I have fought for PPP which has successfully saved American jobs and now it is time to provide relief to the organizations who serve our small businesses, our local Chambers of Commerce. In our district alone, Lakeland and Temple Terrace Chambers have been affected and had to furlough staff, giving them access to PPP would immediately allow them to get back to work and continuing serving our community-- saving jobs and livelihoods."

H.R. 7397, if enacted, would amend the Paycheck Protection Program, the flagship small business loan program implemented in the CARES Act to allow non-profit Chambers of Commerce and Destination Marketing Organizations to participate in the program. Currently, only certain small businesses, 501(c)(3) non-profits, sole proprietorships, and 501(c)(19)'s are eligible to receive PPP loans. If the borrower meets the SBA's regulatory requirements and spends these loans on forgivable expenses, they are eligible for forgiveness.

"Local chambers of commerce and destination marketing organizations provide critical support to our small businesses, many of which are facing extraordinary challenges as a result of the coronavirus pandemic and the economic devastation that has followed," Sen. Cruz said. "This important legislation will provide these organizations with access to the successful Paycheck Protection Program so they can continue to help job creators re-open their doors, re-hire their employees, and get the American economy back on its feet, and I'm grateful for Congressman Spano's leadership to advance this legislation in the House."

Since the Paycheck Protection Program was signed into law by President Trump on March 27, 2020, the SBA has issued more than 4 million loans through the program. As of June 29th, more than $150 billion authorized remains unused. As the sole Florida representative on the House Small Business Committee, Rep. Spano has been deeply involved in bringing help to small businesses and local Chambers amidst the COVID-19 pandemic.

Additionally, Rep. Spano sent a letter to Speaker Pelosi and Minority Leader McCarthy yesterday, urging House leadership consider measures to (1) expand PPP to Chambers of Commerce, and (2) extend the deadline for businesses to apply for PPP loans beyond the current of June 30, 2020.

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