Letter to Nancy Pelosi, Speaker of the House and Kevin McCarthy, House Minority Leader - Rep. Spano Improves Paycheck Protection Program
Letter
Dear Speaker Pelosi and Minority Leader McCarthy:
Thank you for your efforts in guiding our Nation through this crisis. On behalf of countless small businesses across America, I now write to urge you to consider extending the deadline to apply for the Paycheck Protection Program (PPP) and to permit 501(c)(6) Chamber organizations to participate.
As you both are aware, Section 1102 of the CARES Act outlines the entities eligible to participate in the program and restricts eligibility to certain small businesses, 501(c)(3) non-profits, sole proprietorships, and 501(c)(19) veterans' organizations. Furthermore, section 1102 also sets the deadline by which PPP applications must be received to June 30, 2020. Due to the overwhelming demand for this program, the original funding was depleted in just 13 days prompting Congress to authorize additional funds, bringing the total to over $670 billion.
Much has changed since we enacted PPP. While it is uncertain how long this pandemic will continue, it is abundantly clear that, despite the success of this program, small businesses are still suffering. Furthermore, Chambers of Commerce, non-profit organizations that work to bring small business leaders together to promote economic development, remain ineligible to receive PPP loans. Chamber organizations have historically played a critical role in facilitating commerce within the business community, and much like the small businesses they serve, are struggling under the economic constraints COVID-19 has imposed.
As of this morning, only $518 billion in PPP loans has been issued, leaving over $150 billion for further
response and economic recovery. Congress should use these funds to both continue assisting small businesses and extend our assistance to struggling organizations who have yet to receive aid. To that end, I urge that you consider extending the deadline for applicants to apply for PPP loans beyond June 30th, and to open the program to 501(c)(6) Chamber organizations
Thank you again for your work to assist small businesses through this unprecedented public health and economic crisis.
Sincerely,
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