September 24, 2020 - Issue: Vol. 166, No. 166 — Daily Edition116th Congress (2019 - 2020) - 2nd Session

[Pages H4895-H4896]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   SUPPORTING PPP FOR SMALL BUSINESS

  The SPEAKER pro tempore. The Chair recognizes the gentleman from New 
York (Mr. Jacobs) for 5 minutes.
  Mr. JACOBS. Mr. Speaker, of the many excellent provisions in the

[[Page H4896]]

CARES Act, which was passed by this body, undoubtedly one of the most 
successful was the PPP, the Paycheck Protection Program, which 
literally helped thousands of small businesses and over 50 million jobs 
be saved during the COVID pandemic.
  The PPP was also successful because it partnered with the private 
sector, utilizing local banks to disburse the PPP loans. Often these 
banks already had existing relationships with the small businesses in 
their communities. These existing relationships between banks and small 
businesses were invaluable in getting these funds out onto the street 
in record speed--again, saving thousands of businesses and millions of 
jobs. In my district alone, PPP saved over 50,000 jobs.
  It is due to the success of the PPP and the significant need for 
additional PPP funds for small businesses around the Nation that I rise 
in support of H.R. 8265, sponsored by Representative Chabot.
  This is a very commonsense piece of legislation. You see, Mr. 
Speaker, there are approximately $130 billion in unspent PPP funds. 
This bill simply enables the Small Business Administration to do 
another round of PPP awards. There is still incredible demand and need 
for this program. So this is not an allocation of additional money.
  As both sides debate a much larger and more complicated new stimulus 
package, I think this bill is a great first step. It is a program that 
has shown itself to be incredibly effective in saving jobs and small 
businesses. There is most definitely more demand for PPP funds for the 
small businesses and local nonprofits. The model of awarding the funds 
has shown itself to be excellent. Finally, it doesn't require an 
additional appropriation.
  Mr. Speaker, our small businesses are fighting for their survival, 
and millions of jobs hang in the balance. We can do this. This money is 
there, and the program works.

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