Bishop Signs Petition to Stop Dems Delaying Small Business Aid
Congressman Dan Bishop (NC-09) signed a discharge petition to expedite the consideration of legislation extending the Paycheck Protection Program. Democrats refused to consider a bill that would replenish the popular forgivable loan program that has already saved 180,000 jobs in the Ninth District alone.
"Democrat's partisan games have held this critical program hostage. Instead of directly helping struggling small businesses, Democrats have wasted time naming USPS offices and proposing expensive energy bills with no chance of becoming law. I am grateful that my colleagues continue to keep perspective and work to further the rejuvenation of North Carolina's small businesses," said Rep. Bishop.
The discharge petition, filed by Rep. Jaime Herrera-Beutler (WA-03) has been signed by 148 members, and counting, of the House of Representatives. If the petition acquires 218 signatures, the House will be forced to vote on H.R. 8265, even if Speaker Pelosi objects. The bill, to amend the Small Business Act and the CARES Act to establish a program for second draw loans and make other modifications to the Paycheck Protection Program, and for other purposes, was introduced by Rep. Steve Chabot (OH-01) and would officially extend the program until December 31, 2020.
This legislation would allow certain businesses to become eligible for a second loan if they have fewer than 300 employees and have at least a 25 percent reduction in gross revenues. Under this legislation, the maximum loan amount would be $2 million and would have a capacity of $10 million in combined loan funds. $25 billion would be allocated to businesses with less than 10 employees.
Congressman Bishop sits on the Small Business Committee, which oversees the Small Business Administration's creation and distribution of Paycheck Protection Program loans.