Press Release

McHenry Statement on Small Business Paycheck Protection Program

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Washington, March 31, 2020 | comments
Congressman Patrick McHenry (NC-10), the top Republican on the House Financial Services Committee, released the following statement in response to the Department of Treasury’s Paycheck Protection Program guidance for small businesses issued today:

“Critical provisions of the CARES Act are already being deployed to help Americans in need. Today, Treasury released guidelines to ensure our small businesses can start applying for and receiving support as quickly as possible. These forgivable loans will help keep employees on payroll and make sure small businesses are ready when America is once again open for business. I encourage small businesses—the true job creators in our communities—to take advantage of the Paycheck Protection Program.”

More information from the U.S. Department of Treasury:

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
  • For a top-line overview of the program CLICK HERE
  • If you’re a lender, more information can be found HERE
  • If you’re a borrower, more information can be found HERE
  • The application for borrowers can be found HERE
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