Meeks Votes to Replenish and Strengthen PPP for Small Businesses

New York – Representative Gregory W. Meeks yesterday voted in favor of the Senate Amendment to H.R. 266 – Paycheck Protection Program and Health Care Enhancement Act – strengthening and replenishing the Paycheck Protection Program (PPP) which recently ran out of funding. On top of doubling the appropriations level of the program from $349 billion to $670 billion, Meeks and Democrats negotiated:

1. Small Banks, Credit Unions, CDFIs & MDIs
   $30 billion for banks and credit unions with less than $10 billion in assets, as well as all Community Development Financial Institutions (CDFIs) and minority depository institutions (MDIs). CDFIs and MDIs are better positioned to assist community small businesses that lack the banking relationships larger companies have benefitted from in applying for PPP previously.
   
2. Expand Economic Injury Disaster Program
   Increasing the authorization level for the Emergency Economic Injury Disaster (EIDL) Grants from $10 billion to $20 billion. An additional $50 billion for the Disaster Loans Program Account.

"When small local businesses struggled to apply for PPP while major corporations sucked those funds dry, Republicans only wanted to throw more money at the program without addressing its inequities. I am very proud to have fought together as a caucus with my Democratic colleagues to make PPP stronger and fairer for businesses desperately in need of relief. Our negotiations have set aside appropriations for CDFIs and MDIs, so truly small businesses that haven't had traditional existing banking relationships have a fair shot at relief.

"But this is far from mission accomplished. We still need to do much more to address the needs of businesses and families, and provide financial assistance to states and localities. New York has borne a particularly heavy cost from the coronavirus and the city and state desperately need and deserve federal aid. The Republican Senate must step up and fund state and local government aid." said Rep. Gregory W. Meeks.

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