Paycheck Protection Program
More relief is on the way. As we continue to navigate the economic uncertainty brought about by forced closures to slow the spread of the coronavirus, I voted this week to deliver additional assistance for small businesses, ramp up coronavirus testing, and further support our hospitals. I helped to pass the bipartisan Paycheck Protection Program and Health Care Enhancement Act, which the President signed into law to help our small businesses.
The Paycheck Protection Program and Health Care Enhancement Act:
- Strengthens the Paycheck Protection Program (PPP) with additional funding.
- Provides additional funding to the SBA’s Economic Injury Disaster Loan program.
- Provides additional funds specifically for small businesses in underserved rural areas.
- Provides financial support for hospitals and health care workers, which can be used to meet such needs as Personal Protective Equipment (PPE).
- Expands COVID-19 testing. It also requires the Administration to submit to Congress a federal COVID-19 strategic testing plan.
If you submitted an application for a PPP loan in round one and didn’t receive funding, you should check with your bank or credit union as soon as possible to see if your old application will automatically be considered or if you have to submit a new one.
This is the latest supplement of the stimulus packages including the sweeping Coronavirus Aid, Relief, and Economic Security (CARES) Act passed last month. I know this is an incredibly difficult time for Upstate small business owners, who continue to suffer the economic side-effects of the coronavirus.
My office created a resource guide for small businesses to help them through this difficult time. You can access the Upstate New York Small Business Resource Guide for COVID-19 by clicking here or read my Paycheck Protection Program Fact Sheet. Find a list of participating local lenders here. Find the PPP application form here.
I will continue to advocate for Upstate small businesses, workers, and families and to push for increased testing and support for our hospitals. I applaud every one of you who are doing your part in combating the spread of the coronavirus, whether it’s providing essential services or staying home and staying safe. We will get through this together.
Questions about the PPP? Call our Utica office at (315) 732-0713. We'll do everything we can to help.
Click HERE for more coronavirus resources and information on how we're working to help Upstate New Yorkers.