Sandy Springs, GA – Today, Rep. Lucy McBath (GA-06) cosponsored bipartisan legislation to replenish and expand both the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) and Economic Impact Disaster Loan (EIDL) programs, which have been exhausted of funds.
“Small businesses are the heart of a thriving community and vital to the American economy, and there isn’t one in Georgia or across our country that hasn’t been impacted by the coronavirus pandemic,” said McBath. “I am fighting to support the needs of local businesses across America so that they have the backing they deeply need during this uncertain time.”
“I’ve heard from countless small business owners about the need for additional funding and a transparent, easy-to-use system in applying for loans and relief. I’m proud to cosponsor this bipartisan measure to expand funding for these programs,” McBath continued. “We must increase funding and access to these loan programs so that eligible businesses can receive the help they need. Small businesses are the backbone of our country, and we must all work together to help protect them during this crisis.”
McBath is a cosponsor of the Paycheck Protection Program Extension Act, bipartisan legislation to significantly expand the Small Business Administration’s Paycheck Protection Program and help every qualified small business access the assistance they need to retain their workforce and cover basic operating costs for the full duration of the coronavirus pandemic. The bill is led by Representatives Derek Kilmer (WA-06), Jaime Herrera Beutler (WA-03) and Madeleine Dean (PA-04).
The Paycheck Protection Program, which was created in the third COVID-19 emergency relief package, provides forgivable loans to small businesses to pay their employees and keep them on the payroll.
The Paycheck Protection Program Extension Act:
- Ensures support for small businesses continues through the duration of the pandemic.
- Creates an extension mechanism that puts little to no burden on small business owners while protecting taxpayer interests by establishing clear, commonsense limitations.
- Defers repayment of any remaining loan balance for the duration of the pandemic.
- Provides adequate funding to effectively mitigate the economic impacts of the pandemic on small businesses.
Click here for a one-page summary of the PPP Extension Act.