Beatty Bill Pushes Paycheck Protection Program Expansion
WASHINGTON, D.C.—As Congress debates next steps to respond to the Coronavirus (COVID-19) Pandemic, U.S. Congresswoman Joyce Beatty (OH-03) is introducing the Making Opportunities a Reality for Entrepreneurs (MORE) PPP Act. If enacted into law, the bill will ensure that our nation’s smallest small businesses, including minority-owned, independent contractors, and 1099 workers, will have fairer access to participate in the Paycheck Protection Program (PPP).
“Since the very beginning of this public health crisis, I have consistently fought to get desperately-needed funding into the hands of small business owners like cosmetologists, barbers, nail technicians, family restaurants, those working from gig to gig, sole proprietors, and self-employed individuals,” Beatty said. “The MORE PPP Act will do just that by injecting additional resources into the PPP, setting aside targeted funding for entities with 25 or fewer employees, and instituting safeguards to make sure small businesses—not big, publicly traded companies—can obtain the support they need to weather the virus’ financial fallout and ultimately keep their doors open.” She continued, “Small businesses are the backbone of our economy and their survival is critical to the communities they serve, as well as Ohio’s Third Congressional District, the State of Ohio, and our nation.”
Specifically, the MORE PPP Act would:
- Appropriate an additional $250 billion to the PPP.
- Set aside $200 billion for businesses/nonprofits with 25 or fewer employees, including sole proprietors, independent contractors, and self-employed individuals.
- Prohibit publicly traded companies from accessing PPP funds.
- Require borrowers to demonstrate a need for PPP funds, by certifying a 20 percent decline in revenue.
- Require inclusion of anti-discrimination language and a lender ban on giving preferential treatment to recipients.
- Require demographic data collection and report to Congress.
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