Paycheck Protection Program out of money

The Paycheck Protection Program (PPP), a small business loan program established to help small businesses during the COVID-19 pandemic, is out of money.

Here is what some of Mississippi’s delegation is saying about the shortfall:

4th District Congressman Steven Palazzo

The Paycheck Protection Program (PPP)  was authorized in the Coronavirus Aid, Relief, and Economic Security (CARES) Act as a relief program to help America’s small businesses during the economic crisis created by COVID-19. As of April 13, Mississippi had 14,209 loans approved, totaling $1,921,783,598 in economic assistance.

“This lapse in appropriations for the Paycheck Protection Program was completely avoidable. Democrats blatantly ignored the real needs of our small businesses last week when they chose to block this critical funding. In America, small businesses are the engine of our economy, supporting nearly 50 percent of jobs. It’s past time for Democrats to stop their political show, and join Republicans in delivering relief for the American people.” 

Senator Cindy Hyde-Smith

Congressman Michael Guest