04.21.20

Gardner Applauds Additional Funding to Support Small Businesses, Seeks Critical Changes to the Program

Senate approved an additional $310 billion for the Paycheck Protection Program today

Washington, D.C. – U.S. Senator Cory Gardner (R-CO) released the following statement after the Senate voted by unanimous consent to provide an additional $310 billion for the Paycheck Protection Program, which was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Gardner also renewed his call for critical changes to the program to better support Coloradans.

“The Paycheck Protection Program has provided more than $7.3 billion to small businesses in Colorado to keep workers on payroll and is one of the most important aspects of the CARES Act. It was unacceptable that Congress allowed PPP’s funding to lapse in the first place, and I urge the House of Representatives to approve this additional funding immediately,” said Senator Gardner. “While reloading the program is the top priority, I’ve heard directly from thousands of small business owners and workers across Colorado who have said there needs to be some changes to reflect on-the-ground realities. Many businesses I have spoken with are frustrated by feeling locked out of the program and confused by ambiguous rules standing in the way of relief. That’s why Senator Bennet, Governor Polis, and I made a joint request for important, commonsense changes to the program. We must do whatever is necessary to keep the program funded, and I’ll continue to fight for changes to better support small businesses in Colorado and across the nation.”

The legislation approved by the Senate today provides $310 billion for the Paycheck Protection Program, $75 billion for hospitals, $60 billion for the Economic Injury Disaster Loan (EIDL) program, and $25 billion for COVID-19 testing.

Gardner, along with Senator Michael Bennet (D-CO) and Colorado Governor Jared Polis, made a unified request to Senate Majority Leader Mitch McConnell and Senate Minority Leader Chuck Schumer calling for additional funding and critical modifications to the Paycheck Protection Program to support small businesses in Colorado and $500 billion in relief to states. Gardner has called for additional funding for the Paycheck Protection Program since April 9, 2020.

From April 3 to April 15, the Paycheck Protection Program provided Colorado small businesses 41,635 loans totaling $7,392,960,359 to keep workers on payroll and businesses open during the COVID-19 pandemic. Nationwide, the program helped over one million small businesses and saved 15 million American jobs.

Read more about Senator Gardner’s actions to protect Coloradans from COVID-19.

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Cory Gardner is a member of the U.S. Senate serving Colorado. He sits on the Energy & Natural Resources Committee, the Foreign Relations Committee, the Commerce, Science, & Transportation Committee, and is the Chairman of the Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy.