Capito monitors second round of PPP funding at the start of the application period

CHARLESTON, W.Va. – U.S. Senator Shelley Moore Capito believes the second round of funding for small businesses suffering from the COVID-19 pandemic will be sufficient.

The Small Business Administration (SBA) began accepting paycheck protection program (PPP) applications from participating lenders on Monday morning.

There is over $ 310 billion this time around for the PPP after the fund depleted $ 350 billion after two weeks earlier this month. The first round of financing came under a $ 2.2 trillion economic aid bill approved by President Trump in late March.

Shelley Moore Capito

Capito (RW.Va.) appeared on MetroNews’ “Talkline” Monday show and thought no one thought the $ 350 billion would go as fast as it did.

“I think it just shows the depth and breadth of economic stagnation,” she said.

“Hopefully this will cover him and we’ll be watching him. I recently saw comments from (Steve) Mnuchin over the weekend saying he thought this should be enough, but they will watch and see.

Capito noted two changes in this new funding from the previous law, including granting loans to community banks to help West Virginia and small credit unions. She also said that there are provisions for a company to certify that it has suffered damage during this period.

“Some people are probably doing better because of the nature of our business operations, but they are still eligible for a small business PPP loan,” Capito said.

“As part of this next crisis, you have to say that you have suffered losses or that you may be subject to a recovery.”

The SBA says the P3 is a loan designed to directly incent small businesses to keep their employees on the payroll. The SBA will cancel loans if all employees are on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Capito and his Capitol Hill colleagues return to work in Washington on Monday.

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