Over 70,000 Jobs in Central Valley Saved Thanks to Federal Paycheck Protection Program
Representative Josh Harder (CA-10) today announced that the Small Business Administration's (SBA) Paycheck Protection Program, a new federal initiative designed to keep employees on payroll during the Coronavirus Pandemic, had saved 72,119 jobs in his district according to data released by the SBA. Over 6,000 businesses in the district received millions of dollars to keep their workers employed through the economic chaos resulting from the pandemic. Rep. Harder voted to create the PPP as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March.
"The Valley has taken a huge economic hit during the pandemic, and we have to do everything we can to keep the paychecks coming in and our small businesses afloat. said Rep. Harder. "We've got a long way to go before our economy recovers, but thanks to this program there are 25,000 Valley families still able to pay the bills. I'm proud to support this program - it's the kind of smart investment we're going to need to get out of this mess."
The PPP allows employers to apply for loans to keep their employees on payroll specifically during the Coronavirus Pandemic. Businesses may apply for forgiveness of the loans if they verify that the funds were used to keep employees and make payments, including mortgage interest, rent, and utility payments. More information on the program is available here. Information on business benefits specifically for Rep. Harder's Central Valley district is available upon request.
Representative Harder also encourages businesses that have not yet applied to do so now. Although the program was initially set to end at the end of June, Rep. Harder joined his colleagues to pass an extension. Businesses may now apply for the program through August 8th. Interested businesses can contact Rep. Harder's office for more information and for help with the application process.