CBS19: Asking for flexibility for businesses facing PPP loan disparities

CBS19

An effort is underway to help businesses that may be entitled to a greater amount of assistance then they initially received from the Paycheck Protection Program.

Congresswoman Abigail Spanberger and other members of the U.S. House are urging the administration to provide targeted assistance to small businesses and to address disparities in the initial distribution of PPP loans.

According to a release, current guidance from the U.S. Small Business Administration and the U.S. Treasury gave small businesses a very limited window to seek to increase their PPP loan amount through their lender.

Between this short time frame and the complexity of the application process, the members of Congress say many businesses, especially those that are seasonal or sole proprietors, have gotten smaller loans than they were entitled to get.

They sent a letter to U.S. Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza saying business owners need a flexible time frame to address disparities in their loan amounts, so they are asking to have immediate flexibility provided to PPP borrowers, especially because of legislative and regulatory changes that have occurred since the program launched.

“Preventing businesses from accessing full PPP assistance will have significant consequences for America’s economic recovery,” wrote the members of Congress. “For this reason, we ask that all available flexibility be provided to allow PPP borrowers to seek an increase in their loan amount if they are entitled to a greater level of assistance than they received.”

Recent Posts


Feb 28, 2024
Infrastructure

Spanberger Leads Virginia Lawmakers in Working to Protect $30 Internet Discount for Virginia Families, Fund Affordable Connectivity Program

The “Affordable Connectivity Program” Right Now Helps More than 455,000 Virginia Households Afford High-Speed Internet WASHINGTON, D.C. — U.S. Representative Abigail Spanberger today led members of the Virginia congressional delegation in a bipartisan effort urging the U.S. House Committee on Appropriations to extend funding for a key discount program that allows more Virginia families to […]



Feb 26, 2024
Womens' Issues

In Wake of Alabama Supreme Court Ruling, Spanberger Joins Bipartisan, Bicameral Effort to Protect Access to IVF

Congresswoman: “This Ruling Sets a Dangerous Precedent” WASHINGTON, D.C. — U.S. Representative Abigail Spanberger today backed bipartisan legislation to protect every American’s right to access in-vitro fertilization (IVF) following the Alabama Supreme Court’s ruling that frozen embryos are children under the law. On February 16, 2024, the Alabama Supreme Court ruled that frozen embryos — […]



Spanberger, Valadao Introduce Bipartisan Bill to Strengthen U.S. Voting Systems Against Foreign Attacks

U.S. Senate Version is Led by U.S. Senators Mark Warner & Susan Collins WASHINGTON, D.C. — U.S. Representatives Abigail Spanberger (D-VA-07) and David Valadao (R-CA-22) today introduced bipartisan legislation to strengthen the security of U.S. election infrastructure by requiring that voting systems undergo simulated attacks as part of their standard certification process. Given ongoing attempts […]