Rep. Mikie Sherrill (D-NJ11) today renewed her call for congressional leadership on both sides of the aisle to reach an agreement to provide desperately needed funds for the depleted Paycheck Protection Program (PPP) and to the Economic Injury Disaster Loan (EIDL) Program. Continued funding of these programs is critical to helping small businesses and their employees in New Jersey’s 11th District not only survive this crisis, but to make sure they are poised and ready when the time comes to reopen our economy.
“Since the beginning of this crisis, I have been talking to small businesses about the devastating economic impact of the COVID-19 pandemic,” said Representative Sherrill. “Congress must work across the aisle and with urgency to ensure that the Paycheck Protection Program and the Economic Injury Disaster Loan Program are funded and reaching the small businesses who need it most. Further delay is simply not acceptable.”
Funding for the PPP and EIDL programs to support small businesses was a critical piece of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law by the President on March 27, 2020. As of April 16, over 33,500 small businesses in New Jersey had been approved for $9.5 billion of PPP loans. Small businesses are still stuck in line for PPP loans and face delays in receiving EIDL advance payments, awaiting the additional funding Representative Sherrill is again calling for today.
