U.S. Rep. Troy Balderson (R-OH) recently led a bipartisan group of his colleagues in urging their chamber’s leaders to include language in the next federal COVID-19 aid package to allow small businesses that have already received Paycheck Protection Program (PPP) funds to be eligible for additional aid, including a second PPP loan or renewed PPP eligibility.
“As our country heads into continued months of uncertainty, and as states reopen and then quickly reclose due to increased spikes of new coronavirus cases, it is imperative that federal assistance for small businesses adapt just the same,” wrote Rep. Balderson and the lawmakers in a July 24 letter sent to U.S. House Speaker Nancy Pelosi (D-CA), U.S. House Minority Leader Kevin McCarthy (R-CA), U.S. House Small Business Committee Chair Nydia Velázquez (D-NY), and U.S. House Small Business Committee Ranking Member Steve Chabot (R-OH).
In their letter, Rep. Balderson and his colleagues agreed that the priority for the remaining PPP appropriated funding should go to small businesses, particularly minority, women-owned, rural, and veteran-owned businesses that have not yet received their first round of PPP funds.
“However, the reality is there are many small businesses that will not survive without another round of federal assistance,” wrote Rep. Balderson and 12 other members, including U.S. Rep. Gilbert Cisneros, Jr. (D-CA).
In fact, the members cited data from the National Federation of Independent Business showing that 71 percent of small business owners in the United States have used their entire PPP loan, while 46 percent of borrowers anticipate needing additional financial support in the next six months.
“It is our belief the country’s future economic health depends upon as many innovators on Main Street and the nearly 60 million Americans they employ emerging from this pandemic,” Rep. Balderson and his colleagues wrote.