HOWARD — On Tuesday, Reps. Glenn Thompson, R-Pa., and Madeleine Dean, D-Pa., sent a letter to Treasury Secretary Steven Mnuchin and Administrator of the Small Business Administration Jovita Carranza, along with a number of colleagues within the Pennsylvania delegation.
The letter makes several requests to streamline the processing of Paycheck Protection Program (PPP) applications, bolstering functionality for lenders and giving grantees more immediate access to funds. The letter also requests all financial institutions, regardless of size, receive equal treatment when accessing funds from PPP.
“The Paycheck Protection Program (PPP) has been able to provide critical assistance to small business owners, a pillar of the American economy,” said Thompson. “The program does, however, require a few revisions to better assist those who chose to pursue the American dream. By streamlining the processing of PPP applications through an improved online portal, lenders can service their customers and small business owners can access the capital necessary to assist them through disruptions caused by COVID-19.”
Dean said the program seems to be confusing.
“My team and I have heard from many lenders and small businesses about the confusion and difficulties during the SBA loan process,” she said. “These businesses are dependent on federal support during this pandemic and this economic crisis – and this bipartisan letter expresses the need for the Department of Treasury and SBA to evaluate the application process of the PPP to ensure lenders receive guidance and small businesses receive necessary relief in a reasonable time frame.”