Hoeven: We Need to Support Small Businesses, Approve Additional Paycheck Protection Program Funding

BISMARCK – Senator John Hoeven released the following statement today after legislation to provide an additional $250 billion in funding for small businesses impacted by the coronavirus was blocked. The senator stressed the importance of approving additional funding for the Paycheck Protection Program, 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.

“Small businesses are the engine of our economy and we are working to ensure that they have the support they need to weather the challenges posed by this pandemic,” said Hoeven. “The Paycheck Protection Program enables small businesses and self-employed individuals to maintain payroll through forgivable, federally-guaranteed loans and will help our economy to rebound more quickly once this public health emergency ends. We need to approve this additional funding and get it in place for our small businesses and their employees.”