Today, U.S. Representative Zoe Lofgren (CA-19) issued the below statement on the ongoing negotiations regarding the Paycheck Protection Program and reports that the fund is out of money:
"We crafted the CARES Act so American small businesses, workers, healthcare systems and families would get much needed relief as quickly as possible. Unfortunately, since the law went into effect, there have been serious rollout flaws for the Paycheck Protection Program, leaving many vulnerable small businesses shortchanged.
"I am concerned by reports that the Trump Administration is unfairly allocating funds to the benefit of big businesses, with millions for big corporations instead of Main Street.
"It's apparent that simply appropriating the funds without directing the Trump Administration to get money into the hands of small businesses won't work. Further, the amount of funds supported by the Trump Administration is insufficient to meet the dire needs of our small businesses currently being shut out by big lenders.
"Let's work together to ensure relief is getting to the small business owners and workers who really need it."
On March 27, 2020, Lofgren announced her support for the Coronavirus Aid, Relief, and Economic Security (CARES) Act.