Congress recently let the Paycheck Protection Program (PPP) expire without any clear indication as to when we’ll see additional support. This is incredibly disappointing for the numerous small businesses that are holding on by a thread.
When I received my PPP loan, it wasn’t even enough to cover payroll for a two-month period. With business down and no end in sight to the pandemic, I need more funding if my business is going to survive.
Congress has proposed that businesses experiencing at least a 50 percent revenue loss should have access to second-round loans. I fear that I wouldn’t qualify under those proposed requirements, but that doesn’t mean that the losses my business has endured aren’t devastating.
This is why I’m calling on Congress to rethink this proposal by lowering the proposed threshold for a second round of PPP loans in order to support more struggling businesses through this difficult and unprecedented time.