Written for the Press-Republican on July 23, 2020
Stefanik requests PPP improvements
WASHINGTON, D.C. — Last week, North Country Congresswoman Elise Stefanik (R-Schuylerville) and House colleagues sent a letter to the U.S. Department of the Treasury and U.S. Small Business Administration requesting administrative action that would allow small businesses to seek in increase in their Paycheck Protection Program loans if they are entitled to greater amounts than they received.
There have been some cases when small businesses have received their final PPP loan amount, only to have the amount they are eligible for increased, according to a press release.
“Our North Country small businesses have benefited greatly from PPP funding and other SBA programs,” Stefanik said in a statement.
“I am proud to continue to advocate for changes and flexibility with these programs at the request of many of our seasonal businesses and sole proprietors, who are entitled to more compensation.”
Schumer calls for PPP extension
GLENS FALLS — On Thursday, U.S. Sen. Charles Schumer (D-N.Y.) pushed for an extension of the federal Paycheck Protection Program and a second round of forgivable assistance.
Schumer has cosponsored thePrioritized Paycheck Protection Program Act, or P4, which would extend the PPP to the end of the year and provide the option for a second PPP loan for eligible small businesses and nonprofits, which include those with fewer than 100 employees, sole proprietors, independent contractors, the self-employed, and rural and historically-underserved communities.
P4 second loans would allow businesses to access funds worth 250 percent of monthly payroll costs, up to $2 million, a press release said.
The second-round loans would be fully forgivable as long as all requirements are met.
P4 additionally would reserve the lesser of $25 billion or 20 percent of PPP funds for employers with 10 or fewer employees.
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