Carbajal Announces Paycheck Protection Program Helped CA-24 Retain over 158,114 Jobs
Santa Barbara, CA, July 8, 2020
Santa Barbara, CA — Following the release of new data from the Small Business Administration (SBA) on Paycheck Protection Program (PPP) disbursements, Congressman Salud Carbajal announced that PPP assistance to CA-24 totaled over $1.16 billion and helped retain over 158,114 jobs on the Central Coast.
“I have pressed the SBA several times about the need to make PPP data public and I’m glad to see they’ve taken the first step toward full transparency. This data illustrates how federal resources provided by the CARES Act are being used to preserve jobs and provide businesses on the Central Coast with a safety net as we grapple with economic uncertainty caused by COVID-19,” said Rep. Carbajal. “However, this data only represents 15 percent of the total number of loans. We need more complete data, including information on how economically disadvantaged business owners have fared. I will continue to advocate for better transparency and oversight of SBA lending practices, so we can be sure federal assistance is going to the businesses who need it most.”
The Paycheck Protection Program was established by the CARES Act to provide aid to small businesses and organizations struggling through the COVID-19 pandemic. The program offers businesses a forgivable loan, provided certain criteria is met, including allocating a significant percentage to maintain the businesses’ payroll.
Since the passage of the CARES Act, Congress has acted multiple times to improve and expand PPP. Congressman Carbajal voted in favor of the Paycheck Protection Program and Healthcare Enhancement Act, which was signed into law in April, to add $310 billion to PPP and $50 billion to Economic Injury Disaster Loans.
Congressman Carbajal voted for the Paycheck Protection Program Flexibility Act, which was signed into law on June 5th, to make loans more flexible and accessible so struggling small businesses are able to reap the full benefits of the program. Last week, the House unanimously passed an extension of the PPP program, which moved the application deadline from June 30th to August 8th.
More information on PPP loan distribution is available here.