Kildee Announces New Resources for Small Businesses During Pandemic
WASHINGTON—Congressman Dan Kildee (MI-05), Chief Deputy Whip of the House Democratic Caucus, today announced that the U.S. Small Business Administration will restart the Paycheck Protection Program (PPP) this week for new borrowers and previous borrowers that are eligible.
Congressman Kildee helped to establish the PPP through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. He also supported the Consolidated Appropriations Act of 2021, which included additional funding for PPP loans for eligible entities. The bill also provides eligible small businesses, non-profits and live event venues with additional emergency loans and grants to assist with certain costs including payroll, utilities, rent and personal protective equipment. In addition, the bill sets aside portions of the PPP funding and other emergency programs specifically to be used by the smallest businesses in low-income communities.
“Small businesses are the backbone of our economy and it is essential we provide them with the resources they need during the coronavirus pandemic. While we have so much more to do to help families and small businesses get through this pandemic, I am pleased that the Paycheck Protection Program and other government support is available to Michigan small businesses,” Congressman Kildee said. “I encourage every eligible small business to reach out to their lender to determine what help is available to them.”
In order to promote equal access to the PPP, only loan applications from community financial institutions will be accepted initially, with those who have not received a loan eligible to apply today and those who have already received a loan previously eligible to apply available beginning Wednesday, January 13. Other participating lenders will be able to submit applications shortly thereafter.