SBA Head Pushes for Paycheck Protection Renewal

Face Mask and Money
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PITTSBURGH (Newsradio 1020 KDKA) - The head of the Small Business Administration is meeting with business owners and lenders Friday to hear their concerns and push for renewal of the Paycheck Protection Program.

SBA Administrator Jovita Carranza told the KDKA Radio Morning Show, "This paycheck protection program served as a lifeline, as a bridge to keep their employees retained."

Carranza says 173-thousand businesses applied for loans in Pennsylvania and more than $20 billion dollars was distributed in the state. Loans can be forgiven if the money was used to keep employees on the payroll during the Covid-19 pandemic.

PPP expired August 8 and Congress has not agreed on renewal as part of a larger coronavirus relief bill.

The program was also criticized for funding larger employers with access to money while many small business people were unfunded as the money ran out. Lenders are also asking for a more simple application process and more flexible rules for how the funding can be spent.

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