While the initial CARES Act – and the Paycheck Protection Program (PPP), specifically – helped to keep small businesses solvent through the early stage of the pandemic, many companies that received funding have exhausted those resources and are in danger of closing. More than $521 billion in “forgivable loans” has been distributed to more than 5.1 million small and mid-sized companies from Alaska to Maine through PPP.
However, many companies still await confirmation that these loans have been forgiven. As a result, they are unlike to apply for any more funding until they have confirmed that they are no longer “on the hook” to repay their first cash infusion from the government.
In an online forum discussing how best to help struggling small businesses this week, U.S. Rep. Adriano Espaillat (D, NY-13) and U.S. Rep. Kevin Hern (R, OK-01) stressed bipartisanship and provided insights into Congressional efforts to support business