U.S. Senator Kevin Cramer (R-ND), a Senate Banking Committee member, issued the following statement on the Paycheck Protection Program (PPP) beginning to reopen for applications today:
“Congress authorized a second round of Paycheck Protection Program loans in last month’s relief package to help our nation’s struggling small businesses who need a lifeline. This round includes commonsense fixes to the program like deductibility for expenses, simplified forgiveness, and an expansion to ensure faith-based organizations are eligible. North Dakota’s small businesses should take full advantage of it.”
Availability for loans starts today with select groups and is expected to widen to all parties throughout the week. Interested borrowers should visit the Small Business Administration (SBA) website and visit with their lenders to learn more.
The targeted COVID-19 relief package included in the year-end spending bill Congress passed in December contains $284 billion for the Paycheck Protection Program. It included several provisions Senator Cramer worked with North Dakotans and interested stakeholders through his seat on the Senate Banking Committee to secure, including language that streamlines the forgiveness process and better aligns the law with congressional intent.