McClintock Weighs In On Paycheck Protection Program
Washington, DC — After earlier exhausting $350-billion in funds provided through the federal CARES Act, Congress approved an additional $310-billion for the Paycheck Protection Program.
In response to the coronavirus pandemic, companies with fewer than 500 employees can apply for loans up to $10-million at 1-percent interest to help cover payroll and overhead expenses. If the company keeps all employees on the payroll, at the current wages, the government will forgive most of the loan and repay bank lenders.
Speaking on the House Floor late last week, Congressman Tom McClintock stated, “When we (initially) passed the Paycheck Protection Program I warned that serious flaws would deliver a windfall to businesses that did not need it, at the expense of those that do. That is exactly what happened, exhausting the fund within days. Now it is imperative to replenish this program to assure that small businesses that desperately need these funds, receive them.”
The second round of Paycheck Protection Program funding was approved by Congress and signed by the President.
McClintock concluded by speaking about regulations and restrictions placed on businesses, arguing, “Unprecedented and unconstitutional government edicts have deliberately destroyed the livelihoods of millions of Americans, and it set in motion both an economic depression and government insolvencies that threaten the very survival of our nation. They must end now.”
You can view McClintock’s speech by clicking the video box.