WASHINGTON – U.S. Sen. Chris Coons (D-Del.) told Yahoo Finance yesterday that he is optimistic a second round of Paycheck Protection Program (PPP) loans for small businesses will pass the Senate. Last week, Senator Coons introduced the Prioritized Paycheck Protection Program (P4) Act in the Senate along with his colleagues on the Small Business and Entrepreneurship Committee, Ranking Member Ben Cardin (D-Md.) and Senator Jeanne Shaheen (D-N.H.).
“[Small businesses] struggled the most to initially connect with lending banks and with the SBA in the first round, and frankly they’re also the ones who are closest to going under as our economy is not reopening as quickly as many of us thought months ago when we passed the CARES Act. There’s lots of states that are experiencing an ongoing pandemic challenge and where the economy isn’t close to coming back,” Senator Coons said.
The Prioritized Paycheck Protection Program, P4, Act authorizes new lending under the Paycheck Protection Program to small businesses with 100 employees or fewer, including sole proprietorships and self-employed individuals. Eligible businesses must have already expended an initial PPP loan, or be on pace to exhaust the funding, and must demonstrate a revenue loss of 50 percent or more due to the COVID-19 pandemic. The bill also allows businesses yet to receive a first PPP loan to apply for one through the end of the year.