On Tuesday, Representatives Derek Kilmer (WA-06) and Jaime Herrera Beutler (WA-03) urged the U.S. Department of Treasury and the U.S. Small Business Administration to take steps to improve the Paycheck Protection Program and increase access to loans for small businesses being impacted by COVID-19 across Washington state. The Paycheck Protection Program, which was created in the third COVID-19 emergency relief package, provides forgivable loans to small businesses to pay their employees and keep them on the payroll. The lawmakers called on the agencies to improve the operability of the loan application system, issue additional guidance to improve clarity for lenders, and enhance responsiveness to lenders and borrowers.
“We appreciate that, at the time we are writing this letter, lenders around the country have already issued more than 124,000 PPP loans, infusing roughly $36 billion back into Main Streets across America,” the lawmakers wrote. “However, we also recognize that as a consequence of this rapid deployment many lenders and borrowers have experienced challenges that are complicating their participation in this critical program. As your agencies continue to implement the PPP, we request you urgently consider […] recommendations to improve the program for lenders and borrowers alike.”
The full text of the letter is available here.