Congressman Panetta Announces Paycheck Protection Program Helped Retain Over 82,000 Jobs on Central Coast
WASHINGTON, DC – Today, Congressman Jimmy Panetta (D-Carmel Valley) announced that the Paycheck Protection Program (PPP) provided financial assistance to 6,621 local businesses and helped to retain over 82,000 jobs across the central coast of California. This comes after the Small Business Administration (SBA) released data on the PPP's impact in California's 20th Congressional District.
"To survive the pandemic, small businesses across the Central Coast are relying on the relief packages allocated by the federal government. I'm proud that Congress played its part and passed bipartisan legislation to provide such a large amount of funding to so many small businesses. Although there were some difficulties at times in the administration of the funds, I'm also proud that my office was there to help hundreds and hundreds of local businesses, including owners, non-profits, the self-employed, and independent contractors, with getting their SBA loans," said Congressman Panetta. "While I'm glad that the Paycheck Protection Program helped retain thousands and thousands of jobs in our community, I know that there is more work to be done. That's why I will continue to work at the national level to secure such critical assistance so that our small businesses at the local level not only survive this pandemic but also succeed in the future."
Businesses in Congressman Panetta's district received 6,621 PPP loans totaling $812.5 million, from 203 total lenders. The SBA separated its data by PPP loans of $150,000 or less and PPP loans of over $150,000.
In March, Congressman Panetta voted for the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which established the PPP. Under the SBA-administered PPP, small businesses and nonprofits can receive forgivable loans to cover payroll and other costs.
Congressman Panetta also voted the Paycheck Protection Program Flexibility Act, which is now law, which cut red tape and made it easier for small businesses to utilize the loans and maximize loan forgiveness. The PPP Flexibility Act also extended the deadline to apply for a PPP loan, which is now August 8, 2020. Community members can find a lender here, or call Congressman Panetta's office for more information.
Additionally, Congressman Panetta voted for the Heroes Act, which would extend PPP through December 31. The legislation is now being considered by the Senate.