Trahan votes to increase paycheck safety program
Congresswoman Lori Trahan, D-Third Massachusetts, supported passage of the Paycheck Safety Program Extension Act, a bipartisan legislation that can broaden the PPP program and permit small companies to proceed to entry much-needed monetary help whereas conserving their doorways open and serving their communities.
“What small companies within the communities of the Third Arrondissement have been capable of do over the previous yr to remain open and proceed to pay their staff has been nothing wanting superb,” stated Trahan. “The PPP Extension Regulation is a important step in guaranteeing that they nonetheless have entry to the aid funds they should proceed serving their communities as we work to defeat this virus. I’m happy with this laws handed with robust bipartisan assist and look ahead to seeing it enacted by President Biden after a fast Senate assessment.
With out motion from Congress, the PPP program will presently expire on March 31. The PPP Extension Act will lengthen this deadline till Might 31 and provides the US Small Enterprise Administration the facility to course of mortgage functions a further 30 days earlier than the brand new deadline. This may be certain that small companies which might be at all times working to maintain their staff paid and at work and their doorways open may have entry to this important helpline.
Since Trahan voted to ascertain the PPP program beneath the CARES Act in 2020, small companies in Massachusetts have been accepted for greater than 50,000 loan application totaling greater than $ 4.7 billion in aid. Trahan’s workplace helped practically 90 small companies within the third district alone that wanted assist with their P3 functions.
For small companies that want further aid, PPP mortgage functions are nonetheless open.
For extra info, go to http://bit.ly/PPP-application.