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Washington, DC -- Today, the House of Representatives passed a bipartisan extension of the Paycheck Protection Program (PPP), which expired on June 30, with unanimous support. The extension would run through August 8, 2020.

"PPP loans have been a lifeline for Virginia small businesses during this difficult time,” said Congresswoman Jennifer Wexton. “Even as we cautiously implement a phased reopening in Virginia, many are still reeling from the financial fallout of the pandemic. It’s clear there is a continued need for assistance to help mom and pop shops weather this crisis. I’ll keep working with my colleagues on a bipartisan basis to support the recovery of our small businesses."

The $650 billion PPP was passed as part of the CARES Act in March and has provided forgivable loans to millions of small businesses suffering from the impacts of COVID-19. Last month, the President signed into law the bipartisan PPP Flexibility Act, an effort spearheaded by House Democrats, to remedy concerns raised by small businesses across the country who were facing challenges making use of this relief. The law extended the covered period for forgivable expenses, increased the flexibility on using loans for rent and other non-payroll expenses, extended the loan terms to five years, and ensured full access to payroll tax deferment for businesses who take PPP loans.

Congresswoman Wexton has successfully pressed for greater transparency in PPP loan distribution, leading a letter to Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza urging the immediate disclosure of all information about PPP loans for businesses with multiple employees and to require the collection of demographic data. Days later, the SBA announced they would be disclosing information for loans greater than $150,000.

Wexton’s office has prepared a host of resources to help small businesses access resources available to them on her website. Additionally, Wexton’s office has been encouraging constituents applying for PPP loans to request a letter of introduction from her office and those applying for EIDL funds to request a letter of support. 

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