Paycheck Protection Program (PPP) Poised To Recieve Additional Funding
The House of Representatives is set to vote this week on a Senate package to provide additional funding for the Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA). The package totals $310 billion in additional PPP funding.
"Through the Financial Services Committee we have been pressing hard for this second round of PPP funding to include a set-aside specifically for smaller banks and credit unions," opened Congressman San Nicolas. "Doing so will ensure we have a dedicated pool of funds Guam has a fair shot at, and we are very pleased that $30 Billion dollars has been negotiated for smaller markets like ours," Congressman San Nicolas added.
The PPP is a federal loan administered by the SBA and processed by local financial institutions. Loans may be forgiven for businesses that maintain their payrolls.
"With more dedicated resources we will be able to keep more businesses opened and more people receiving a paycheck, especially because these loans are forgiven if payroll is maintained to include back-pay for workers who were initially laid off or lost hours as a result of the pandemic," Congressan San Nicolas continued. "Keeping business viable and getting money into the pockets of our people, while keeping them safe and healthy, is so critical and we are slated to secure funding for that shortly," Congressman San Nicolas concludes.
This second round of PPP funding will include $250 billion in unrestricted funds, $30 billion in funding for midsized banks and credit unions, and $30 billion for community-based lenders, small banks and small credit unions.