The PPP funding, as part of the federal CARES Act, has been exhausted. Both Congressional Republicans and Democrats are working on how to replenish the fund since there is still incredible need. There is an agreement between Congressional leadership on an additional $250 billion for PPP. However, there are points of difference in other requirements on those dollars.
The Lansing Regional Chamber of Commerce signed onto a letter with 34 business organizations and trade associations, urging our federal Congressional delegation to work swiftly to provide additional funding for the PPP.
Below is the full letter:
April 16, 2020
To the Members of Michigan’s Congressional Delegation:
Michigan’s financial institutions and business community urge you to work swiftly to provide additional funding for the Paycheck Protection Program (PPP).
In just under two weeks, the PPP has provided an economic lifeline to over one million small businesses across the country and has allowed these small businesses to remain viable – and maintain their workforces – during the COVID-19 pandemic. Unfortunately, as of April 16, the PPP Funds allocated were exhausted. In Michigan, over 25,000 loans were approved with an excess of $8.5 billion in approved dollars.
While we understand there are other ideas on the table and a possible “Phase Four” deal coming together, this matter cannot wait. We urge swift congressional action, including program enhancements and additional funding so the business community and financial institutions can continue to distribute these desperately needed dollars to small businesses, which form the economic core of our communities.
ABC of Michigan
Bay Area Chamber of Commerce
Baraga County EDC
Birmingham Bloomfield Chamber
Chamber of Commerce – Grand Haven,
Spring Lake, Ferrysburg
Community Bankers of Michigan
Detroit Regional Chamber
Dickinson Area Economic Development
Flint & Genesee Chamber of Commerce
Grand Rapids Chamber
Lake Superior Community Partnership
Lansing Regional Chamber of Commerce
Macomb County Chamber
Manistee Area Chamber of Commerce
Michigan Bankers Association
Michigan Chamber of Commerce
Michigan Credit Union League & Affiliates
Michigan Economic Developers Association
Michigan Farm Bureau
Michigan Manufacturers Association
Michigan Restaurant and Lodging Association
Michigan Retailers Association
Michigan West Coast Chamber of Commerce
Midland Business Alliance
Muskegon Lakeshore Chamber
Northern Michigan Chamber Alliance
Petoskey Regional Chamber of Commerce
Rochester Regional Chamber
Saginaw County Chamber of Commerce
Shiawassee Economic Development
Shiawassee Regional Chamber of Commerce
Small Business Association of Michigan