Letter to Steven Mnuchin, Secretary of the Treasury and Jovita Carranza, Small Business Administrator - Torres Small Calls for PPP Improvements As New Mexico's Small Businesses Continue to Seek Relief

Letter

Dear Secretary Mnuchin and Administrator Carranza,

Thank you for your work to support America's small business community amid the Coronavirus
Disease 2019 (COVID-19) pandemic. In the interest of continuing to support these businesses and
their workers, we write to express strong support for targeted improvements to the Paycheck
Protection Program (PPP). Specifically, we request administrative action to allow small businesses
to seek an increase in their PPP loan if they are entitled to a greater amount of assistance than they
received.

Established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, PPP loans
provide critical assistance to small businesses impacted by the COVID-19 pandemic. These loans
have helped millions of businesses keep their doors open and have ensured a steady income for
many working families by guaranteeing loan forgiveness for employers that maintain their payroll.
Given the importance of PPP loans to our nation's economic recovery, it is critical that the program
remain responsive to the needs of all of America's businesses.

For many sole proprietors and seasonal businesses, uncertainty surrounding PPP lending has
resulted in these businesses receiving less assistance than they are entitled to under the program.
In some instances, businesses have received a final PPP loan amount, only to have the amount of
assistance they are eligible for increased by subsequent guidance from the Small Business
Administration and U.S. Treasury Department. These businesses find themselves with a very
limited window to request increased PPP funding, with many having no available options to seek
additional assistance.

Preventing businesses from accessing full PPP assistance will have significant consequences for
America's economic recovery. For this reason, we ask that all available flexibility be provided to
allow PPP borrowers to seek an increase in their loan amount if they are entitled to a greater level
of assistance than they received. This commonsense step will help businesses and workers across
the country endure the sustained impact of the COVID-19 pandemic.

Thank you for your time and attention to this request. We look forward to your response.

Sincerely,