Political Quotes

“in a moment I will ask unanimous consent to pass legislation that makes urgently needed reforms to the PPP to make the program much more functional for all--underline ``all''--small businesses. Let me just name a few of the changes. First, it expands the loan period from 8 weeks to 24 weeks. Currently, workers may be brought back for the 8 weeks, but what good is it if they are again laid off after that short period? It is unrealistic, and small businesses need assistance that can cover the full length of this crisis. Second, the legislation removes the 25-percent restriction imposed by the Trump administration on the use of loans for fixed costs, rents, mortgages, utilities, and replaces it with new 60-40 payroll-to- nonpayroll expenses. This change will continue PPP's support in getting workers back on the payroll but giving small businesses more flexibility to survive in this crisis, which is essential to the long- term employment prospect of the workers. For my home State of New York, we have high rents, high utility costs. Many businesses were frozen out when there was 25 percent, but 40 percent will get them in, and that applies to the more high-cost areas throughout the country. Even though these are small businesses, they are struggling under those costs. Third, the proposal extends the program to the end of the year and makes December 31 the deadline to rehire workers in order to get full forgiveness on the loan.…”