WASHINGTON, D.C. – Today, U.S. Senator Jacky Rosen (D-NV), a member of the U.S. Senate Committee on Small Business and Entrepreneurship, helped introduce and pass in the U.S. Senate bipartisan legislation to extend the U.S. Small Business Administration’s authority to approve Paycheck Protection Program (PPP) loans to small businesses through August 8, 2020. Without action from Congress, PPP will expire at midnight. Rosen’s bipartisan legislation – introduced alongside Senator Ben Cardin (D-MD), and co-led by Senators Chuck Schumer (D-NY), Jeanne Shaheen (D-NH), Susan Collins (R-ME), and Chris Coons (D-DE) – now awaits action by the U.S. House of Representatives.
“The Paycheck Protection Program has helped countless Nevada small businesses stay afloat during the economic downturn caused by this global pandemic,” said Senator Rosen. “My office has helped hundreds of small businesses navigate loan options, including PPP. This bipartisan legislation extends the application deadline for PPP loans to August 8th. While I am relieved that we took steps tonight to extend PPP for Nevada’s small businesses, I urge Senate leaders to bring a comprehensive, bipartisan COVID relief package to the floor that fully supports all of our small businesses in Nevada, including our tourism economy. I am proud to represent Nevada on the Senate Small Business Committee and will continue fighting for our small business community every step of the way.”
BACKGROUND: The Senate-passed Paycheck Protection Program, which was originally set to expire on June 30th, 2020, is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive eight weeks of the loan if all employees are kept on the payroll and the money is used for payroll, rent, mortgage interest, or utilities. This program is available to small businesses with 500 or fewer employees (including sole proprietorships, independent contractors and self-employed persons), 501(c)(3) non-profit organizations, or 501(c)(19) veterans organizations affected by the coronavirus pandemic.
Small businesses that are experiencing difficulties navigating federal assistance can send their inquiries and questions to SmallBusiness@Rosen.Senate.gov, and a team of dedicated professionals will respond to provide assistance.
Senator Rosen’s office is working around the clock to ensure Nevadans stay up to date on the latest news regarding the coronavirus, as well as provide a list of resources to assist Nevadans.