Congresswoman Angie Craig Pushes For and Secures Additional Guidance on Paycheck Protection Program Loans
Today, U.S. Rep. Angie Craig pushed Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza to improve the implementation of Paycheck Protection Program loans for community lenders, small businesses and nonprofits. After sending the letter, the Treasury has issued additional guidance to SBA lenders in the form of an interim final rule.
“Small businesses are the engines of our communities and they need our support to get through the impacts of the coronavirus, so I am pleased to see Treasury release the guidance I requested,” said Rep. Angie Craig. “However, PPP must be made more transparent and improved so small businesses and nonprofits can attain and use necessary funds during this critical time.”
Rep. Craig has spoken with hundreds of small businesses across the district and whether it’s a florist in Apple Valley or the Cannon River Winery, the implementation of the PPP loans has been flawed and small businesses are waiting far too long to get the relief they urgently need. She has also spoken with several SBA approved lenders who expressed grave concern that their balance sheets are not equipped to handle the demand for PPP loans, and needed the liquidity guidance to allow them to make new loans to the small businesses who are in desperate need at this time.
In addition to the request for guidance from Treasury on the Paycheck Protection Program Facility, Rep. Craig is calling on the U.S. Department of Treasury and SBA to provide transparency on the PPP loan disbursements by answering the following questions:
- How many loans have been approved nationally, and how many of these are within Minnesota and/or my Second Congressional District?
- Have any loans been disbursed? If so, how much has been disbursed and similarly, within Minnesota and/or my Second Congressional District?
- What are the demographics of the applicant pool? Those who have been approved? National and statewide data would be particularly useful.
You can view the full letter here.
You can view the additional guidance issued by the Treasury Department for community lenders here.