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BOWLING GREEN, KY – Congressman Brett Guthrie (KY-02) today released the below statement on the Paycheck Protection Program (PPP) running out of funding.

Guthrie voted for the Coronavirus Aid, Relief, and Economic Security (CARES) Act to establish the PPP to help small businesses during the coronavirus outbreak. Due to the popularity of the PPP, the program has already maximized its $349 billion funding from the CARES Act.

“Small businesses are hurting right now, and we need to help them during this unprecedented time,” said Guthrie. “I supported the CARES Act to create the PPP to help businesses continue to pay employees and certain business expenses. The PPP is designed to keep businesses open – but sadly, businesses can no longer access the program until funds are replenished. I urge my colleagues to pass emergency additional funding for the PPP so more Second District businesses can benefit from this critical program.”

The Paycheck Protection Program is operated through the Small Business Administration’s 7(a) Loan Program for small employers, self-employed individuals, and “gig economy” workers. The program provides 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency. If the employer maintains payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities will be forgiven, which will help workers to remain employed and affected small businesses and our economy to recover quickly from this crisis.

Businesses adversely affected by the PPP’s lack of funding are encouraged to share their stories here.

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