More on Small Business
WASHINGTON - Today the Senate approved H.R. 7010, the Paycheck Protection Program Flexibility Act, sending the bill to President Trump for his signature and delivering must-needed flexibility for American small business owners. The House of Representatives passed the legislation in May.
Businesses operating in rural and low-income communities will now have two additional opportunities to access federally-guaranteed financing to respond to the impacts of COVID-19.
SALINA – Today, Congressman Roger Marshall, M.D., received an update from U.S. Secretary of the Treasury Steven Mnuchin on the implementation of the CARES Act and the Paycheck Protection Program (PPP). Secretary Mnuchin indicated that more than $243 billion in loans have already been processed through 4,600 lenders participating, providing vital funds for more than 1 million small businesses. This includes more than $3.7 billion in loans to 19,915 Kansas businesses.
In March, Congress passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to deliver much-needed assistance to small businesses and individuals dealing with the impacts of the COVID-19 outbreak.
“Congress took swift and decisive action in sending assistance to business owners and individuals to help them endure the impacts of the COVID-19 outbreak,” said U.S. congressman Roger Marshall, M.D. “We understand that businesses and individuals are hurting and in need of immediate assistance to weather these unprecedented times.”
A House committee approved a bill to protect small businesses from predatory lenders who seize their assets without warning using a legal instrument called a confession of judgment.
The U.S. House Financial Services Committee voted Thursday 31 to 23 to advance the bill. The proposal, introduced by New York Democrat Nydia Velazquez and Roger Marshall, a Republican from Kansas, would ban confessions of judgment in business loans.