San Gabriel Valley Receives Over 22,400 PPP Loans
WASHINGTON, DC — According to new data released by the US Treasury Department, over 22,400 businesses in California’s 27th Congressional District received loans through the Paycheck Protection Program (PPP). These federally backed loans worth up to $10 million were created by Congress to help businesses continue paying employees and cover other operating expenses during the COVID-19 pandemic and mandatory shutdown and social distancing orders. Rep. Judy Chu (CA-27), chair of the House Small Business Subcommittee on Oversight, issued the following statement:
“The Coronavirus pandemic has created incredible pain for businesses and workers as social distancing measures necessary to help contain the virus have also brought the economy to a crawl. That is why I have been proud to support the Paycheck Protection Program, which has helped over 22,400 businesses in my district cover expenses and, most importantly, stay in business and keep their workers paid.
“This program has not been flawless though. As chair of the House Small Business Subcommittee on Oversight, I am troubled by the way this Administration handled the original rollout, allowing the biggest banks to favor their biggest clients, while abandoning the smaller and more vulnerable businesses that this program was meant to help. In fact, in May I questioned the Small Business Administration’s (SBA) Inspector General on this during a Small Business Oversight hearing, and was shocked by his findings that SBA never issued formal guidance to lenders to encourage them to reach out to underserved communities. I have also fought to ensure the SBA issues more translated materials so that those with no or limited English proficiency can access these resources as well.
“Fortunately, we were able to improve the PPP in May with a bipartisan vote to set aside funds for community lenders, and again in June to give small businesses much-needed flexibility and assurances. But our work is not done. Too many families are still struggling to pay the bills, while many employers are wondering how long they can keep workers paid. And as the recent spikes in COVID-19 cases have shown, we are not yet on the other side of this pandemic. That means businesses and workers will continue to suffer from economic hardship, which is why Congress must pass another relief package immediately. That must include more small business assistance to build on this good work and help more businesses keep workers paid. But we also need to provide relief for the millions who are out of work and whose jobs are not coming back immediately. The Heroes Act, which the House passed in May, will support families while preparing our country to reopen through investments in healthcare capacity and testing. It’s time the Senate take up this legislation and help us get the country healthy and back to work as soon as safely possible.”