The Paycheck Protection Program is Working in Communities Across the Country
Washington,
April 15, 2020 -
Through the Paycheck Protection Program (PPP), critical relief is being rushed out the door to our small businesses across the country. Since the program began, more than 1 million loans have been approved totaling nearly $300 billion. This money is keeping hardworking Americans employed and small businesses ready to reopen when the time comes.
Here are just a few examples of the resilient small businesses in our communities receiving PPP assistance:
KDVR Fox News Denver: Colorado restaurants hiring back workers after receiving needed financial relief
“‘It’s shocking. I don’t think any restaurant owner thought this was possible, that you could lose everything in a matter of months,’ said Craig Jones, co-owner of Angelo’s. Jones is also the co-owner of four other restaurants that have been forced to furlough 210 of their collective 240 employees.
“‘It’s very stressful. You wake up in the middle of the night and you can’t fall back asleep,’ said Jones. However, there is finally some relief. The restaurant group just learned each business will receive around $400,000 in the form of small business loans through the Paycheck Protection Program. Around 75 percent of that money will be used to bring around 200 furloughed employees back to work.”
KXII Texas: Paycheck Protection Program helping hundreds of Texoma small businesses
“‘We already cut salaries down. The owners and managers took 30-40% cuts, including myself,’ said Dana Sanford, the office manager at A&J. However the company applied for what's known as the Paycheck Protection Program, and were able to keep all 130 employees. ‘We're able to maintain all of our drivers, and give them their wages. Keep the drivers working, keep people from having to go on unemployment, keep people from finding another job,’ said Sanford.
“First United Bank granted A&J's request for the program, and since Thursday, First United Bank CEO Greg Massey said 663 small businesses around Texoma have applied for the program, which allows local banks to receive and process disaster loans on behalf of the Small Business Administration.”
Owasso Reporter: Just in time: Federal program helps Owasso Auto Care avoid disaster
“Tim Miller was to the point where he was going to have to make some really tough choices. That’s when an unexpected lifeline helped the Owasso resident save the business he has worked tirelessly to build up over the past eight years. ‘I just feel it’s so fortunate,’ Miller said. ‘…It just feels like a God thing.’ The owner of Owasso Auto Care had seen a drastic downturn in business due to the crippling effect of coronavirus outbreak, so much so he and his wife had to dip into savings just make payroll for the past month.”
“Once he had submitted all of the necessary paperwork on April 2, Miller found out by noon the following day he had been approved for the [PPP] program. As Owasso Auto Care opened up the ensuing Monday morning, Miller had the necessary funds to keep his business running. ‘The stress relief was unbelievable,’ Miller said. ‘The bills were still coming in. The mortgage, the insurance and that was just on my business. It really was a blessing…It was incredible. It really was. I have to say it was an absolute blessing.’”
Visit Financial Services Committee Republicans’ website for additional resources and updates on efforts to mitigate the economic impact of coronavirus on consumers.
