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McHenry Statement on Additional Paycheck Protection Program Funding

Washington, Apr 7 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to calls for additional funding for the Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act: 

“Since the Paycheck Protection Program was stood up, twice as much has been lent through the Small Business Administration’s 7(a) program as was lent in all of 2019. There is a clear need for this relief and the Paycheck Protection Program is working to rush money out the door to our small businesses. Congress should act this week to keep this fund full to meet the demand caused by the voluntary shutdown of our economy to save American lives. This request is a good start, but we will need to do more to ensure the Paycheck Protection Program is achieving its goal of keeping employees connected to their employers and businesses ready to reopen when the time comes.”