It's been 47 days since the closure of the Payment Protection Program, preventing small businesses for applying for CARES Act funding. House Small Business Committee Ranking Member Steve Chabot has a piece of legislation that would re-open the PPP to start funneling that money to businesses in desperate need during the pandemic.
"Real people's jobs continue to be in jeopardy through no fault of their own," Chabot said on the House floor on Wednesday. "This is just unacceptable...This is unacceptable because small businesses play an outsized role in our economy."
Nearly one out of every two people in this country are employed by small businesses, he explained. And small businesses create two out of every three new jobs.
"We have an option before us today - this very day - if we defeat today's previous question we can move directly to my legislation to re-open the Paycheck Protection Program," the congressman urged his colleagues.
But as you can expect, Democrats didn't listen.
.@HSBCgop Ranking Member @RepSteveChabot on his bill to re-open the Paycheck Protection Program to America's 30 million small businesses:— Mark Bednar (@MarkBednar) September 23, 2020
"Our economy is depending upon America's small businesses, and America's small businesses are depending upon us today." pic.twitter.com/bOxrmZydGQ
Rep. Chabot’s bill would free up $137.5 billion of unspent PPP funds, allow small businesses to take a second PPP loan if they can demonstrate a 25 percent revenue reduction, simplify the PPP loan forgiveness process, and extend the PPP until December 31.
Democrats blocked Chabot's effort during Small Business Week.
We’ve all seen our favorite local businesses struggle with the pandemic. #SmallBusinessWeek is a perfect time to focus on the restaurants, companies and shops that make our communities unique. Proud to cosponsor a resolution that highlights their critical role. pic.twitter.com/m5ZMxLEdeo— Rep. Dan Bishop (@RepDanBishop) September 24, 2020
On the bright side, a group of moderate Democrats are mulling over a GOP-introduced discharge petition that would force a vote on extending the PPP. House Speaker Nancy Pelosi refuses to consider anything other than a $2.2 trillion coronavirus stimulus package.
?? Pelosi is BLOCKING aid to small biz—again.— Steve Scalise (@SteveScalise) September 23, 2020
$138B of PPP funds are unused, but she'd rather hold it hostage to play politics than let businesses in need use it.
Republicans are filing a discharge petition to force a vote.
Now Dems are panicking. Even her own party is fed up.
The White House recognized Small Business Week in part by reflecting on the help that has so far been delivered via PPP and other relief efforts.
We have delivered nearly three quarters of a trillion dollars in timely, economic relief to distressed small business entrepreneurs and their employees throughout the country, including $525 billion in Paycheck Protection Program (PPP) loans, $190 billion in COVID-19 Economic Injury Disaster Loans (EIDL), $20 billion in EIDL Advance grants, and additional healthcare funding.