Rep. Wild Announces PPP Helped PA-07 Retain More than 108,000 Jobs

July 14, 2020
Press Release

LEHIGH VALLEY, PA – Today, U.S. Representative Susan Wild (PA-07) announced that the Paycheck Protection Program (PPP) benefited 9,874 small businesses and retained 108,307 jobs in Pennsylvania’s 7th District throughout the COVID-19 pandemic. A list of PA-07 PPP recipients is available here.

 

“I know that the Paycheck Protection Program has been a lifeline for small businesses in our community throughout this pandemic – keeping almost 10,000 small businesses from closing their doors for good and helping more than 108,000 people in our district stay employed,” Wild said. “I’m glad to see that the PPP application deadline has been extended. As our nation continues to battle this public health crisis and economic recession, it is imperative that make sure these local businesses get the support they need both now and into the future as our country begins to rebuild.”

 

On May 28th, Wild voted to pass the Paycheck Protection Program Flexibility Act, bipartisan legislation, which she cosponsored, to improve PPP and make it easier for the loan to be forgiven and more accessible to small businesses that need it the most.

 

Specifically, the Paycheck Protection Program Flexibility Act:

 

  • Extends the amount of time the loan covers from 8 weeks (2 months) to 24 weeks (6 months);
  • Lowers the current requirement that 75% of the loan be used on payroll to 60%. The remaining 40% can be used for other expenses (including paying rent and utilities);
  • Extends loan terms from two years to five years;
  • Ensures full access to payroll tax deferment for businesses that take PPP loans.

 

On July 1st, the House voted to extend the PPP application deadline to August 8th under unanimous consent. Three days later, the President signed the extension into law.

The PPP application is available here. For any questions or assistance with the application, please reach out to Wild’s Allentown Office at 484-781-6000 for help.

 

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