Capito Applauds deal reached to replenish Paycheck Protection Program

CHARLESTON, WV (WOAY) – This morning, Senator Shelley Moore Capito held a press call to discuss the bipartisan deal reached to continue coronavirus relief.

The PPP was created through the CARES Act to help small businesses pay employees and remain open during the coronavirus pandemic. Specifically, the PPP provided $349 billion to support federally guaranteed Small Business Administration (SBA) loans. The program ran out of money on April 16. According to SBA data, nearly 1.7 million loans were issued by almost 5,000 lenders saving well over 15 million jobs nationwide in just two weeks. In West Virginia as of recently, SBA has reported that there have been approximately 7,618 approved PPP loans totaling $1.3 billion.

“I mean we tried as hard as we could to make sure that anybody who is suffering either health-wise or economically has the availability of some help. So you see our hospitals have got some money. they’re going to be more money in healthcare providers, not just hospitals,” said Capito.

Today’s legislation will provide an additional $310 billion for the PPP program.

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