In a Friday afternoon press release, Representative David Brock Smith (R-Port Orford) called for Federal Delegation to support and expedite new stimulus funds for Oregon small businesses after the CARES Act Paycheck Protection Program for Small Business funding depleted. As of April 13th, Oregon has had 9,508 approved small business loans and received $2,427,776,445 dollars, but there are still thousands of small businesses that have yet to receive the help they need.
“Congress set aside partisan politics and moved quickly on the CARES Act and the needed appropriations for the backbones of our rural economies, our small businesses,” said Rep. Brock Smith (R-Port Orford).
“Unfortunately, delays occurred with the overwhelming application response, leaving many of our small businesses uncertain as to the status of their applications and as of yesterday, they’re now left with the PPP fund empty and their businesses still desperately needing relief.”
The surge in applications from across the Nation prompted the President to ask Congress for an additional $250 Billion Dollars in small business stimulus funding through the PPP program. “The President requested another infusion of resources for our small businesses last week, now partisan politics are getting in the way of taking care of our rural communities, their families and the businesses that support them,” said Rep. Brock Smith. “I respectfully request our Congressional Delegation work together in expediting additional funds, with the majority of those funds focused on our rural small businesses that have been left without the help they need.”
The CARES ACT Payment Protection Program, as of April 16th, supplied nationally more than 1,650,000 loans for small businesses, with $350 billion in loans processed and the participation of nearly 5,000 lenders.
“Now more than ever is the time to come together and ensure all of our small businesses, their communities and residents have the resources they need to survive this unprecedented crisis,” said Rep. Brock Smith.
