Sara Jacobs: “Of the many excellent provisions in the CARES Act, which was passed by this body, undoubtedly one of the most successful…”

“Of the many excellent provisions in the CARES Act, which was passed by this body, undoubtedly one of the most successful was the PPP, the Paycheck Protection Program, which literally helped thousands of small businesses and over 50 million jobs be saved during the COVID pandemic. The PPP was also successful because it partnered with the private sector, utilizing local banks to disburse the PPP loans. Often these banks already had existing relationships with the small businesses in their communities. These existing relationships between banks and small businesses were invaluable in getting these funds out onto the street in record speed--again, saving thousands of businesses and millions of jobs. In my district alone, PPP saved over 50,000 jobs. It is due to the success of the PPP and the significant need for additional PPP funds for small businesses around the Nation that I rise in support of H.R. 8265, sponsored by Representative Chabot. This is a very commonsense piece of legislation. You see, Mr. Speaker, there are approximately $130 billion in unspent PPP funds. This bill simply enables the Small Business Administration to do another round of PPP awards. There is still incredible demand and need for this program. So this is not an allocation of additional money. As both sides debate a much larger and more complicated new stimulus package, I think this bill is a great first step.…”