The Iowa senator’s latest efforts build on her work to allow small businesses a second pass at the Paycheck Protection Program
Sep 29 2020
WASHINGTON – U.S. Senator Joni Ernst (R-IA) is calling on Republican and Democratic Congressional leaders to allow small businesses a second pass at the Paycheck Protection Program (PPP) – a successful lifeline that Ernst helped champion as a member of the Senate Small Business Committee.
In a letter, Ernst writes, “Though nearly 84 percent of PPP borrowers have spent the entirety of their loans, 59 percent of small businesses still only have enough cash-on hand to cover two months or less of operations. We urge you to consider small business financial relief as soon as possible. Though we are disappointed that a broader economic relief package has stalled due to political games, we firmly believe that small business relief is a shared bipartisan priority.”
As of August 8, 2020, the Small Business Administration is no longer accepting PPP applications from participating lenders. Ernst and her colleagues are calling on the congressional leaders to work together to enact legislation that would reauthorize the PPP and provide much needed relief to small businesses.
As a member of the Senate Small Business Committee, Ernst helped create the PPP, a forgivable loan to help small businesses survive the pandemic and keep their employees on payroll.
As a result of the PPP, Ernst helped deliver support to 61,418 Iowa small business totaling $5,124,660,961.
Earlier this month, Democrats blocked the COVID-19 relief bill that would have allowed small businesses to get a second pass at the Paycheck Protection Program – something Ernst has been fighting to secure.