(Press Release, April 8, 2020)
Idaho Senator Mike Crapo Highlights Additional Guidance for Paycheck Protection Program
– Encourages Agencies, Regulators to Help Lenders and Borrowers
WASHINGTON, D.C. – U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, issued an update on the Paycheck Protection Program, a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The Paycheck Protection Program went into effect on April 3. Crapo has been working closely with the U.S. Department of Treasury and the Small Business Administration (SBA), urging them to provide additional clarity to banks, credit unions and non-bank lenders so that these institutions can provide loans to small businesses more quickly and efficiently. The agencies have released additional guidance that can be found on Treasury’s website https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses and SBA’s website https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.
“Just days after going into effect, the Paycheck Protection Program has provided roughly $70 billion in relief to small businesses across the country,” said Crapo. “It is no easy feat to get a program of this magnitude up and running in one week, and I commend the Treasury Department and SBA for what they have accomplished. The Program has not been without its hurdles, and I have urged the agencies to quickly provide clarity so that lenders and small businesses in Idaho and across the country can take advantage of the Program during this difficult time.”
Crapo also sent a letter to the banking regulators, encouraging them to look for more ways to help strengthen the Paycheck Protection Program, right-size regulations to promote lending, and provide the Banking Committee with statutory changes and recommendations necessary to stabilize markets and expand lending during the COVID-19 crisis.
Idahoans can continue to find updated information on Senator Crapo’s website at https://www.crapo.senate.gov/services/covid19, and from Governor Little’s central information portal at https://coronavirus.idaho.gov/. Additional national guidance and information can be found through the CDC website at https://www.coronavirus.gov/.