WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.) released the below statement regarding today’s vote to establish a second round of emergency loans through the successful Paycheck Protection Program (PPP):
“The PPP program has been a lifeline for small businesses in West Virginia and all across our country. It has been one of the main reasons why many of our businesses have been able to survive during these uncertain times. At the same time, there are still many businesses that are struggling and need assistance due to challenges related to the coronavirus. Without additional support through this vital program, small businesses will continue to face uncertainty. They’ll be forced to lay off employees or even shut their doors permanently. This amendment would authorize a second PPP loan for small businesses that have been hardest hit, allowing them another opportunity to take advantage of a program that has helped them stay afloat. Unfortunately, my colleagues across the aisle are letting politics get in the way, preventing us from delivering this relief. This should have been avoided. Instead of playing politics with the livelihoods of hardworking Americans, we should be doing what the American people sent us here to do. I urge my colleagues to do their job and join us in finding a solution quickly,” Senator Capito said.
Under this amendment, businesses with 300 employees or less and a 35 drop in gross revenues would have been allowed to take advantage of a second forgivable loan through the PPP. The PPP was created through the CARES Act to help small businesses pay employees and remain open during the coronavirus pandemic. As of August 8, 2020 when the PPP closed to new applications, SBA has reported that there have been approximately 18,062 approved PPP loans totaling approximately $18 billion in West Virginia.
Senator Capito launched a page on her website to help bring current and accurate information to West Virginians during the COVID-19 pandemic. Click HERE to access the webpage for the latest updates and resources.
# # #