WASHINGTON, DC – Rep. Dean Phillips (D-MN) released the following statement calling for more funding to support small businesses after news that the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) and Economic Impact Disaster Loan (EIDL) programs have both exhausted funding:
“From the very beginning of the crisis, I have been committed to protecting our most vulnerable and impacted communities and providing a lifeline to small businesses to keep the lights on and keep employees on the payroll.
Over the past month, I’ve solicited feedback from hundreds of constituents and leaders in the small business, non-profit, public health and public service communities – including conference calls with local chambers of commerce, mayors, hospital executives and fire chiefs – and their message to me is clear: Congress must provide additional financial support to American institutions and American families without delay. The CARES Act was a beginning. Now we must complete the job.
As a small business owner, I know that the challenges facing our nation’s job-creators are unprecedented. Many of these businesses – which together comprise the backbone of our economy – are on the precipice of insolvency. Congress must cast aside partisan affiliations and pass relief for these companies NOW. No delay. No excuses. This is for our country’s small business owners, their employees, and their families. We simply cannot afford to let them down.”