Representative Malinowski Announces Paycheck Protection Program Supported Over 135,000 Jobs in NJ-07
Press Release
Following the release of data from the U.S. Small Business Administration (SBA) on the Paycheck Protection Program (PPP), Representative Tom Malinowski announced nearly 15,000 small businesses and non-profits in New Jersey's 7th district have received PPP loans, supporting over 135,000 jobs. For more information on PPP loans in the 7th District click here.
"The Paycheck Protection program has been a lifeline for small businesses throughout the 7th District, and now we know how helpful it's been in saving jobs during this public health crisis" said Representative Malinowski. "I urge those eligible who have not yet applied to take advantage of the program before the August 8th deadline."
The PPP was created by Congress to provide cash-flow assistance through 100 percent federally guaranteed loans to employers, which are forgivable if they maintain their payroll during this emergency. Below is a county by county breakdown of funds provided across the 7th District according to the newly released data. Please note these breakdowns only include the towns within the 7th District.
Congress recently extended the Paycheck Protection Program lending deadline from June 30th to August 8th. For additional information on small business relief options and to apply for a forgivable loan, click here. If residents of NJ-07 have any issues securing a PPP loan, or need assistance with the Small Business Administration, please email your contact information and the details surrounding your case to nj07.smallbusiness@mail.house.gov.
In April, Representative Malinowski testified before the House Small Business Committee and called for significant reforms to the PPP to ensure that loans were going to truly small businesses. In May, he co-sponsored the Paycheck Protection Program Flexibility Act (PPP Act), which improved the program by making it easier for small businesses to cover necessary expenses and to give them more time to bring employees back. The PPP Act was signed into law on June 5th.
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