WASHINGTON DC – Local U.S. Congressman Derek Kilmer has dropped a bi-partisan bill aimed at relaunched the broke Payroll Protection Program.
The bill would immediately inject $900 billion into the PPP program which ran out of money just two weeks in and left thousands of local businesses hanging without means to pay employees due to the coronavirus economic downturn.
The 6th Congressional District Representative’s bill also directs the Small Business Administration and Treasury Department to take steps to improve the PPP and increase access to loans for small businesses being impacted by COVID-19 across Washington state.
Among other things, the bill would extend the authorized period for the Paycheck Protection Program to cover the full duration of nationwide social distancing measures related to COVID-19. It would also authorize the SBA to automatically renew/extend any existing PPP loans. It would require lenders defer all payments on any remaining balance after forgiveness has been applied for a full year.