Rep. Axne Statement on the Exhaustion of Paycheck Protection Program Funding

Today, Rep. Cindy Axne (IA-03) issued the following statement on the Small Business Administration’s confirmation that the Paycheck Protection Program has exhausted all of its congressionally appropriated funding.

“Since the beginning of this coronavirus outbreak, we have taken tough but responsible steps to slow the spread of this disease. Those steps, while necessary to save lives, have put an extraordinary burden on our communities, our economy, and our small businesses.

Through quick congressional action, we created the Paycheck Protection Program (PPP) and other programs to help businesses stay afloat and keep their employees on payroll. And while I’ve heard from Iowans about necessary tweaks for these programs – none of them can afford a political stalemate over refunding the program in this critical time.

I’m calling on the leaders of both parties to come together now and allow us to pass additional funding for this program as soon as possible.”

Earlier this week, Rep. Axne expressed support for additional funding for the PPP and outlined her recommendations for legislative changes that will put small financial institutions on equal footing when processing loan applications, improve the availability of funding for smaller and more rural businesses, and ensure that the SBA can take into account the potential for longer-term effects on restaurants and other hospitability businesses.

These recommendations are a result of conversations with Iowa business owners and local Chambers of Commerce that Rep. Axne has had on her 16 county ‘Virtual District Tour.’