U.S. Representative Jackie Walorski is confident that more federal funding will be available to help small businesses but blames political disagreements for delays. The Paycheck Protection Program provides forgivable loans to businesses and nonprofit groups, but it’s used up its initial funding.
In a conference call to Plymouth Chamber of Commerce members Friday morning, Walorski said the program needs at least another $250 billion to get back up and running. “Days count, obviously, when we talk about this $250 billion back-fill to PPP, so we’re doing it as fast as we possibly can,” the representative said. “The issue comes down to Speaker Pelosi engaging in this and moving this forward.”
House Democrats say they want to make a few changes to the program before approving the funding. That includes setting some of it aside for community lenders, which they say would make it easier for businesses that may not use traditional banks.
While some chamber members told Walorski that the Paycheck Protection Program has been a big help in allowing them to keep their employees, at least one reported going through the application process only to learn that funding had run out. Still, Walorski was hopeful that progress might be made next week.
The representative thanked business owners for holding onto their companies until the economy can reopen. “I think there’s light at the end of the tunnel,” Walorski said. “I’m very optimistic this morning after hearing the president’s declaration last night that he’s leaving it up to the states to open the government, and obviously, from Governor Holcomb’s statement yesterday, it sounds like we’re aiming for the first part of May, somewhere in there. I take that to be one of the first couple weeks of May, hopefully.”
Walorski said it’s definitely a balance between medical safety and getting the economy running again, and noted that many companies are making accommodations to try to protect their workers.
