Hoeven Statement on Need to Provide Additional Paycheck Protection Program Funding

BISMARCK, N.D. – Senator John Hoeven released the following statement today after the Administration announced the Paycheck Protection Program (PPP) had exhausted $350 billion in funding. The senator stressed the importance of providing the requested $250 billion in additional funding for the PPP, which was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help small businesses and their employees weather the challenges of the COVID-19 pandemic.

“The Paycheck Protection Program is clearly providing important support for small businesses and their employees,” said Hoeven. “The PPP will help our economy to rebound more quickly once this public health emergency ends and Congress should agree to provide additional funding for this vital program now.”