U.S. Reps. Pete Stauber (R-MN), Steve Womack (R-AR), and John Moolenaar (R-MI) recently signed a discharge petition to require a vote on a stand-alone extension of the Paycheck Protection Program (PPP) through the end of the year.
“Partisanship should have no place in these halls during this pandemic and it is my hope that we vote on this important legislation soon,” Rep. Stauber said.
The PPP Extension Act, H.R. 8265, would amend the Small Business Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act to establish a program for second draw loans and make other modifications to the PPP, according to the congressional record bill summary. The three congressmen are among the 57 Republican cosponsors of H.R. 8265, which was introduced on Sept. 16 by U.S. Rep. Steve Chabot (R-OH).
The PPP has been shut down for 48 days, according to Rep. Stauber’s office, yet U.S. House Speaker Nancy Pelosi (D-CA) has not brought the legislation to the floor for a vote. A simple majority of 218 signatures is needed for a discharge petition to be successful.
“I sit here today dumbfounded,” Rep. Stauber said on Friday during a U.S. House Small Business Committee hearing where he spoke on the importance of passing the bill. “Democrat leadership has been focused on passing legislation that gives them cheap political talking points for their election cycle.
“In fact, the Speaker was so afraid that the PPP legislation would pass, she canceled session for today,” said Rep. Stauber. “She knew that her moderate members were going to sign the discharge petition and bring that bill to the floor.”
If enacted, H.R. 8265 would make the more than $130 billion remaining in the current PPP reserve, which was originally authorized through the CARES Act, available through the end of 2020, or until funds run out, according to information provided by the members.
Specifically, the measure would allow qualifying small businesses to draw a second forgivable loan and add eligible covered expenses like costs related to property damage; would set aside $25 billion for small businesses with 10 or fewer employees; and would simplify the forgiveness process.
“Small businesses are job creators and the engine of our economy. The PPP provided Arkansas’s small businesses with resources at the start of the pandemic, and it makes sense to capitalize on leftover funds to accelerate recovery and help more businesses still facing hardship,” said Rep. Womack. “People’s livelihoods are on the line, and every member should be signing this discharge petition. We are talking about support for Main Street – the corner coffee shop, your favorite restaurant, or the local hardware store.”
Rep. Moolenaar agreed and said many small businesses in his home state and across the nation are still hurting from shutdowns related to the COVID-19 pandemic. “They need help,” he said. “There’s money Congress has already approved to help them, but Speaker Pelosi and many House Democrats won’t let them apply for it.”
H.R. 8265 would reopen the PPP “and help Michigan small businesses receive more funding,” said Rep. Moolenaar. “I urge Speaker Pelosi to bring this legislation to the floor for a vote.”