Moolenaar Signs Discharge Petition to Re-open the Paycheck Protection Program
Today, Congressman John Moolenaar signed a discharge petition to force a vote on legislation that would re-open the Paycheck Protection Program and allow small businesses to apply for additional assistance. The Paycheck Protection Program currently has $138 billion in available funding previously approved by Congress, but small businesses cannot apply for it because the deadline has passed.
Congressman Moolenaar is a cosponsor of H.R. 8265, which would re-open the application process, allow small businesses to take out a second Paycheck Protection Program loan, and expand expenses that are eligible for the loan.
However, Speaker Nancy Pelosi is refusing to bring the bill up for a vote. So members of the House are signing a discharge petition that would allow the entire House to have the opportunity to vote on the legislation.
“The Paycheck Protection Program has been vital for small businesses and their employees. It helps small businesses pay their bills and puts paychecks in the pockets of Michigan workers,” said Congressman Moolenaar. “Right now, many small businesses are still hurting from the shutdowns and the public health crisis, and they need help. There’s money Congress has already approved to help them, but Speaker Pelosi and many House Democrats won’t let them apply for it. I am fighting to fix this with legislation that will re-open the Paycheck Protection Program and help Michigan small businesses receive more funding. I urge Speaker Pelosi to bring this legislation to the floor for a vote."
The Paycheck Protection Program, established as part of the CARES Act passed in March, gave forgivable loans to small businesses to cover payroll costs, rent, mortgage payments, and utilities.
So far, the Paycheck Protection Program has injected more than $15 billion into Michigan’s economy with support for more than 120,000 small businesses in the state. A recent analysis by Bloomberg News found that the Paycheck Protection Program supported 93 percent of the small business jobs in Michigan’s Fourth Congressional District.
Under the legislation supported by Congressman Moolenaar, small businesses are eligible for a second Paycheck Protection Program loan if they employ fewer than 300 employees and if they have had at least a 25 percent reduction in gross revenue. The text of the bill can be found here.