Patrick McHenryChairman

Washington, April 9, 2020 -

The top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement after Senate Democrats blocked additional funding for the Paycheck Protection Program:

“On the same day we learn that another 6.6 million Americans have filed for unemployment, Congressional Democrats have blocked passage of hundreds of billions of dollars of relief funding for small businesses. Rather than approve funding that would immediately be used to keep Americans employed, they are pushing for things that aren’t essential at the moment. This reckless action does nothing to help Americans who need our support now.”

Background:

• Since the Paycheck Protection Program was stood up, four times as much has been lent through the Small Business Administration’s 7(a) program as was lent in all of 2019.
• The funding for this program provided in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is expected to run out in the coming days due to the high demand and popularity of the program.
• Republicans and the Trump Administration are working to keep that fund full to rush much-needed aid to keep Americans employed and help small businesses survive the massive economic impact of the coronavirus (COVID-19).

Find more information on the federal response to COVID-19 here.