Rep. Axne Adds Newly Disclosed Paycheck Protection Program Data to Iowa COVID-19 Response Tracker
Today, Rep. Cindy Axne (IA-03) added the newly disclosed data on recipients of Paycheck Protection Program (PPP) loans to her Iowa COVID-19 Response Tracker, bringing the total of tracked taxpayer funding spent combating coronavirus in Iowa to over $10.27 billion.
The data released yesterday by the U.S. Small Business Administration (SBA) provided details on PPP loans approved for Iowa small businesses, including more than $1,085,000,000 for businesses in Iowa’s Third Congressional District. The data also shows that the loans approved for the Third District protected at least 120,000 Iowa jobs.
“The new data on Iowa’s usage of the Paycheck Protection Program shows how vital this program was for our small businesses and families. At least 120,000 Iowans from the Third District saw their jobs protected as a result of the first round of this funding, and it sustained thousands of employers in our communities,” said Rep. Axne. “This data also reaffirms how essential it is to have transparency for these taxpayer dollars. Iowans can see where their taxpayer dollars have gone to help our Main Street businesses and vital industries weather this economic storm – and hold recipients accountable if they believe the funding was misused. My Tracker exists to help ensure transparency in our response to this pandemic.”
With this new data, Rep. Axne’s Tracker now details over $10,271,857,823 in federal funds spent combating COVID-19 in Iowa, including $1,191,320,011 for entities specifically within Iowa’s Third Congressional District.
The Tracker includes data provided by the Iowa Department of Human Services, Department of Homeland Security and Emergency Management, U.S. Department of Health and Human Services, Federal Emergency Management Agency (FEMA), Department of Transportation, and more.
In May, Rep. Axne launched the Iowa COVID-19 Response Tracker after requesting detailed accounting from eight federal and state agencies.
Rep. Axne has been focused on making changes to the Paycheck Protection Program to improve aid for Iowa’s most vulnerable businesses.
This week, Rep. Axne announced she was cosponsoring the Prioritized Paycheck Protection Program Act, which would allow businesses with 100 or fewer employees that have already exhausted (or are about to exhaust) their first PPP loan to apply for a second loan to keep up with operational and payroll expenses – provided they lost more than half their revenue and can certify additional needs for funding.
In June, President Trump signed legislation cosponsored by Rep. Axne that improved the terms of PPP loans for Iowa businesses by extending the term of the loan to 5 years, adjusting the restrictions on non-payroll expenses, and allowing loan forgiveness for expenses beyond the original 8-week period.
Earlier this month, Rep. Axne heard from Iowa businesses affected by the cancellation of the 2020 Iowa State Fair that PPP funding and federal aid programs would be necessary to help make up lost revenue beyond the original June 30 deadline.
Legislation to reopen the PPP application window for qualifying first-time loan recipients until August 8, 2020 passed unanimously in Congress and was signed into law on Friday.