Zoe Lofgren: “I support the bipartisan agreement reached on the Senate Amendment to H.R. 266, the Paycheck Protection Program and…”

“I support the bipartisan agreement reached on the Senate Amendment to H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act. Many California small businesses were unable to access the first round of loans made through the Paycheck Protection Program (PPP) established under the CARES Act (H.R. 748) because the initial round of funds was insufficient to meet the dire needs of our community during this time. Even more concerning, the Administration's bungled rollout of PPP has sown frustration and confusion at every point of the application process, denying many Santa Clara County small businesses a lifeline. I outlined my concerns regarding these flaws in my testimony to the House Small Business Committee on Thursday, April 23, 2020. This bill will provide $310 billion in additional funding for PPP. More importantly, it will reserve $60 billion for small- and medium- sized banks, credit unions, and community-based lenders to ensure our relief efforts are reaching all communities. It also adds $10 billion to Emergency Economic Injury Disaster Grants and $50 billion to the Disaster Loans Program for our small businesses. Our hospitals, health centers, and county health officials need the additional $75 billion in assistance to maintain necessary resources and procure more protective personal equipment for our healthcare workers who continue to give and risk so much.…”