Provo, UT—Today, Congressman John Curtis (R-UT) released the following statement welcoming Administrator Jovita Carranza of the U.S. Small Business Administration to Utah. Administrator Carranza toured several businesses who have received loans through the CARES Act Paycheck Protection Program.
“I welcome Administrator Carranza to our great state and thank her for her work with the Paycheck Protection program. These PPP loans are lifeboats to help these businesses survive until more long-term solutions become clear and Utah’s countless small businesses have benefited greatly from these loans”, said Curtis. “Over $5 billion in PPP loans have helped Utah businesses to stay afloat during the pandemic. I am deeply grateful for the resources and collaboration between the SBA and lending associations, chambers, local leaders, and others who are all fighting to help our economy rebuild and continue to strengthen.”
Last month, Congressman Curtis wrote an op-ed in the Deseret News explaining that while the Paycheck Protection Program has helped Utah’s economy, small businesses desperately need more help, and proposed changes to the legislation to accomplish that goal. Click [HERE] to read. He then introduced the bipartisan Paycheck Protection Program Small Business Enhancement Act to amend the changes needed.
Paycheck Protection Program Small Business Enhancement Act
The Congressman is advocating for the following changes to PPP to help the aid go even further:
- Allowing a second PPP loan for businesses that have experienced a reduction in gross receipts of more than 20% as compared to last year
- Including 501(c)(6) nonprofits and franchised businesses that were left out of the first round of PPP to receive loans for the first time
- Allowing businesses to spend PPP funds on protective equipment and testing expenses
- Making eligible expenses tax deductible
- Ensuring that lenders, especially smaller community banks, continue to participate in PPP by easing the burden PPP places on them by:
- Providing lenders with a robust safe harbor from liability for the statements and representations of borrowers
- Allowing automatic forgiveness for loans under $150,000 while maintaining the ability of SBA to audit those loans for compliance