Hurd Supports Paycheck Protection Program Deadline Extension
WASHINGTON—Rep. Will Hurd (R-Texas) today voted in support of extending the deadline for the Paycheck Protection Program (PPP) to December 31, 2020, providing businesses more time to repay loans (this will not apply to businesses that used the funds for paying salaries of employees) and eliminating the criteria allowing only 25% of the loan to be used for expenses. These updates to PPP will help amplify the already successful program and provide businesses owners with greater flexibility.
“The Paycheck Protection Program is a lifeline for businesses across Texas, across the entire nation. This program has had immense success saving millions of jobs and helping millions of small businesses. This incredible program can help our country continue its recovery efforts, and, better yet, it can help our country improve beyond where we were when this pandemic hit,” said Hurd.
“The funds received through the PPP program were necessary to bring employees back to full time status upon receiving the funds. Hard decisions had to be made early on regarding layoffs and reducing staff hours due to uncertainty. We were looking for funding to maintain operations. We had daily calls with employees keeping them abreast of what avenues we were seeking funding, and when we might be able to bring employees back to full time status. It was a blessing to have received the PPP loan because it allowed Appddiction Studio--as a small business--to continue operations and transition back to normalcy, while allowing employees to perform their duties remotely,” said Timothy Porter, CEO of Appddiction Studio in San Antonio, Texas.
According to the U.S. Small Business Administration (SBA), as of May 23, 2020, small businesses in Texas have received 352,993 loans through PPP totaling $40,289,668,116. Nationally, the program has made over 4 million loans totaling more than $511 billion.