Kustoff Urges Congress to Pass Increased Funding for Paycheck Protection Program
WASHINGTON, DC – Today, Rep. David Kustoff (TN-08), released the following statement following the news that funding for the Paycheck Protection Program has run out. The Paycheck Protection Program provides up to $10 million in forgivable loans to small businesses if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
“The Paycheck Protection Program has provided a lifeline to thousands of West Tennessee small businesses whose everyday operations have been disrupted due to the coronavirus. With more than 1.4 million loans granted totaling almost $350 billion, funding was expected to run out this week. Yet, Speaker Pelosi and Minority Leader Chuck Schumer blocked legislation to renew this funding," said Rep. Kustoff. "I urge Democrats to put their political agendas aside and deliver this critical relief to our small business owners and workers during this difficult time."