Senator David Perdue: Small Businesses Need Relief Now
Tuesday, April 21st, 2020
U.S. Senator David Perdue (R-GA) is pushing his colleagues to pass additional funding for the Paycheck Protection Program (PPP), which offers forgivable loans to help small businesses pay their employees and remain solvent through the COVID-19 crisis.
In Georgia, the Small Business Administration (SBA) approved over 48,000 PPP loans, totaling nearly $9.5 billion, before funding lapsed this week. Senate Republicans introduced a bill to add $250 billion to the initial $349 billion in funding. Unfortunately, the measure was blocked by Senate Democrats.
“The COVID-19 crisis has caused staggering cash flow and liquidity challenges for businesses across the country,” said Senator Perdue. “Many business owners are considering laying off employees and closing their doors, and we cannot let that happen. The Paycheck Protection Program offers a bridge to help small businesses weather this crisis. Thanks to this program, nearly 50,000 Georgia businesses have been able to keep their workers employed. The timely extension of the Paycheck Protection Program is critical to our long-term economic security. Congress must put aside individual political interests and pass additional relief for the businesses and workers who are depending on us. I urge my colleagues to act right now, so millions of Americans can receive paychecks instead of pink slips.”
Since the passage of the CARES Act, Senator Perdue has spoken daily with small business owners and local community lenders about bridging the gap for the business community in order to support Georgia workers and their families.