Houlahan, Hill Introduce Bipartisan Bill to Expand PPP Eligibility and Save More Small Business Jobs
Washington, April 15, 2021
Tags: Jobs and Economy
WASHINGTON – Today, Representatives Chrissy Houlahan (D-PA) and French Hill (R-AR) introduced the bipartisan PPP Revenue Adjustment Calculation to Increase Capital Accessibility Long-term Act, or the PRACTICAL Act. The PRACTICAL Act amends current law to allow small businesses that are eligible for the second-draw PPP to calculate their revenue based off a 90-day earning period rather than a set quarter calendar year. This rule change would make more small businesses eligible for a second round of PPP, particularly businesses where revenues increase and decrease seasonally, like restaurants with outdoor dining during this pandemic. This bill would ensure that those hardest hit small businesses get the capital they need.
“While we are making great progress in our fight against the pandemic, our small businesses still need help,” said Houlahan. “I sound like a broken record, but our economy will not successfully recover until our small businesses recover. They represent the very backbone of our economy, at both the local and national level. I have spoken with countless small business owners these past few weeks about their difficulty obtaining a second PPP loan because of the current earning criteria. So, I reached across the aisle to my friend and colleague, Rep. French Hill, to write a bill that would address these concerns and ensure the PPP program is helping the small businesses who need it most. I’m proud that not only is this a bipartisan effort but also that it responds directly to the needs of my constituents.”
“The PPP has been a necessary tool for struggling small businesses as they’ve weathered the unprecedented COVID-19 pandemic. In fact, more than 14,000 businesses in Arkansas have received $4.6 billion and through the program have helped save more than 375,000 jobs,” said Rep. Hill. “I’d like to thank Rep. Houlahan for introducing this common-sense bill with me. Small businesses are the lifeblood of Arkansas and I am honored to be able to advocate for them in Washington, D.C.”
“We in the restaurant industry continue to struggle to overcome defying odds amidst the economic devastation caused by this pandemic,” said John H. Lymberis, Owner of Harry’s Hotdogs in Sadsburyville, PA. “Our loyal community of diners and the government’s PPP program have kept us afloat and allowed us to retain our workers and staff. However, this second round of PPP has been inaccessible for small businesses like mine that still desperately need support. Thankfully, Representative Houlahan is working to change that and help others in my situation. This legislation will certainly help countless other restaurants in this area access another round of PPP to continue paying our hardworking staff. I thank her for carrying my voice to Washington and for her hard work and determination on our behalf.”
Houlahan is an Air Force veteran, an engineer, a serial entrepreneur, an educator and a nonprofit leader. She represents Pennsylvania’s 6th Congressional District, which encompasses Chester County and southern Berks County. She serves on the House Armed Services Committee, the House Foreign Affairs Committee and the House Small Business Committee.