Pingree: Heroes Act Would Broaden Assistance for Maine’s Seasonal Small Businesses, Nonprofits
Washington, May 13, 2020
Congresswoman Chellie Pingree (D-Maine) said today that The Heroes Act, a comprehensive new COVID-19 recovery package up for a vote in the U.S. House this week, fixes shortcomings of the Small Business Administration (SBA)’s Paycheck Protection Program (PPP) which Maine’s small businesses and nonprofits have requested.
“Maine’s small businesses have been clamoring for changes to the Paycheck Protection Program because its one-size-fits all approach does not work for the range of businesses it was designed to help. A restaurant or theater that is unable to open due to stay-at-home orders should not be expected to hire back its employees until the business is fully operational,” said Pingree. “The Heroes Act would give needed flexibility to these small businesses by extending the deadline for them to rehire their employees to December 31st, tripling the payroll forgiveness period from 8 weeks to 24 weeks, and providing a safe harbor for employers who can certify why they are unable to rehire workers in the prescribed timeframe. Weeks ago, I wrote to House leadership and outlined the changes to the PPP small businesses in our district said they needed and I am pleased to see that their needs are reflected in the Heroes Act.”
The Heroes Act makes access to PPP more attractive to Maine’s seasonal businesses by:
The bill offers other assistance for small businesses by:
On April 16, Pingree wrote to House leaders urging commonsense fixes be made to the Paycheck Protection Plan (PPP) and provisions be included in Congress’s next COVID-19 relief package to help small businesses weather this crisis.
Earlier this week, Pingree joined 29 of her House colleagues in requesting that the U.S. Government Accountability Office (GAO) investigate the allocation of loans from the Paycheck Protection Program (PPP) to large, publicly traded companies.