The Woodlands, TX – The top Republican on the House Ways and Means Committee Kevin Brady (R-TX) released the following statement urging the Senate to quickly pass more funding for the Paycheck Protection Program:
“With nearly half of America’s workers depending on small businesses for their livelihoods, it’s no wonder that demand for the Paycheck Protection Program has been overwhelming.
“Nearly $50 billion of relief has gone out the door in record time to keep small businesses alive and workers on the job. The House needs to move ASAP to approve President Trump’s request this week. No delay this time.”
Background: As part of the CARES Act, President Trump and Congress created the Paycheck Protection Program. Through this tax break, workers can get back on payrolls and stay there. By working with their bank, small businesses can get eight weeks of cash-flow assistance through 100 percent federally guaranteed loans. If the business uses the money to maintain payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven. And as we’ve reported before, churches are eligible.
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