U.S. Representative Mike Johnson (LA-04) today announced that the Small Business Administration’s Paycheck Protection Program (PPP) has approved over 17,000 loans and totaling more than $3.7 billion for Louisiana small businesses since the program began processing applications on April 3.
Johnson’s announcement comes as he continues to push for additional funding for the PPP, which is expected to run out of funds soon. Last Thursday, an attempt to infuse the nearly depleted PPP with an additional $250 billion was blocked by Democratic leaders in Congress.
“The Paycheck Protection Program has brought nearly $4 billion into Louisiana, saving thousands of small businesses and even more jobs. The PPP is working, but Congress must act to help those businesses still patiently waiting in line for help,” said Johnson. “I urge my Speaker Pelosi and Minority Leader Schumer to stop blocking these funds our small businesses so desperately need. A national crisis is no time to play politics.”
On April 14, Johnson led a conference call with members of the Louisiana delegation, House Small Business Committee Ranking Member Steve Chabot (OH-01), and nearly 200 leaders from Louisiana’s small business community. Concerns over the PPP’s funding levels were raised by multiple small business owners on the call.
On April 14, Johnson led a second conference all with members of the Louisiana delegation, House Financial Services Committee Ranking Member Patrick McHenry (NC-10), and more than 30 leaders from Louisiana’s banking and lending community. On the call, Johnson committed to continue to work with the SBA and Treasury Department to ensure clear and full lender guidance is made available to banks.
Approved as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, PPP loans are designed to help small businesses keep employees on their payrolls during the coronavirus pandemic. Up to 100 percent of the loans can be forgiven, and they can also be used for payroll, rent, mortgage interest, or utilities. For more information on the PPP, click here.