Spanberger: As Central Virginia Small Businesses Face Financial Devastation Due to COVID-19 Crisis, PPP & EIDL Loans “Need More Funding Now”
HENRICO, V.A. – U.S. Representative Abigail Spanberger today released the following statement after the U.S. Small Business Administration (SBA) closed applications for its Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program due to a lapse of available federal funding.
“For Central Virginia small business owners, their business is more than a building, a sign out front, or an income—it’s their lifelong dream. This crisis has jeopardized thousands of those hard-earned dreams, as family businesses are struggling to make payroll, and workers are trying to make ends meet under intense circumstances,” said Spanberger. “There is no question that the SBA’s PPP and EIDL programs need more funding now, and this process cannot be mired by political gamesmanship, partisan attacks, and federal bureaucracy. Both parties need to work together to secure additional, strong funding for the Paycheck Protection Program and EIDL program, as well as additional funding for our states and localities to respond to this public health emergency. The federal government can’t turn its back on the hardworking men and women who power our local economies, and when this funding goes through, the administration must be more efficient in distributing these loans to the business owners who need them.”
Since the rollout of the PPP, Spanberger has been fighting for Central Virginia small businesses to receive the emergency funding they need to weather this crisis, and she has called on the administration to rescind burdensome restrictions on these loans. Last week, she led a bipartisan effort urging the SBA and the U.S. Department of the Treasury to improve flexibility and cut red tape for American small businesses by eliminating requirements on loan forgiveness related to non-payroll costs.