07.01.20

Gardner Pushes for Additional COVID-19 Relief and Flexibility for Small Businesses

Introduces the Paycheck Protection Program Extension and Modification Act, which allows for additional PPP loans and extends deadline through end of the year

Washington, D.C. – Today U.S. Senator Cory Gardner (R-CO) introduced the Paycheck Protection Program Extension and Modification Act of 2020, which would allow recipients of the Paycheck Protection Program (PPP) who have already received a PPP loan apply for a second loan and extend the deadline to apply for PPP loans through December 31, 2020.

“The Paycheck Protection Program is an essential lifeline for workers and small businesses in Colorado to get through the shutdowns across the country caused by the COVID-19 pandemic,” said Senator Gardner.“Today I’m introducing a bill to allow small businesses to apply for relief through the end of the year and, crucially, allow those who received PPP loans to survive the initial shutdowns to obtain a second PPP loan to make it through the new, targeted closures. As our nation continues to battle COVID-19, the PPP will be a vital tool to keep our economy as stable as possible so that we can get through to the other side stronger than ever.”

The bill text is available here.

Gardner is consistently requesting improvements to the PPP to better serve Coloradans:

  • Gardner urged U.S. Secretary of the Treasury Steven Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza to ease the paperwork requirements for small businesses seeking loan forgiveness under the Paycheck Protection Program in June 2020.
  • In June 2020, the President signed into law a version of the Paycheck Protection Flexibility Act, which Gardner introduced with Senators Angus King (I-ME) and Steve Daines (R-MT) to extend the Paycheck Protection Program loan period and provide greater flexibility to loan holders.
  • Gardner called on the leaders of the Senate Committee on Small Business and Entrepreneurship to work to extend the loan forgiveness period and rehire date for the PPP.
  • Gardner secured new guidance from the Small Business Administration (SBA) to allow partnerships and seasonal employers to increase their PPP loan amounts.
  • Gardner secured guidance from the U.S. Department of the Treasury clarifying that rural electric cooperatives with fewer than 500 employees are eligible for the PPP.
  • Gardner introduced bipartisan legislation with Senator Joe Manchin (D-WV) to increase the length of time that businesses have to spend PPP funds from 8-16 weeks.
  • In a May 2020 letter to his Republican colleagues, Gardner requested changes to the PPP based on his conversations with Colorado small businesses.
  • Gardner and members of the Colorado congressional delegation secured clarification from the SBA in April 2020 that Critical Access Hospitals (CAHs) and Rural Health Clinics (RHCs) are eligible for assistance from the PPP.
  • In April 2020, Gardner, Governor Jared Polis, and Senator Michael Bennet (D-CO) made a unified request to improve the CARES Act, including making modifications to PPP, to better support Coloradans through 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.