releases: https://horn.house.gov/news/documentsingle.aspx?DocumentID=221
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| https://horn.house.gov/news/documentsingle.aspx?DocumentID=221 | Horn, Spanberger Lead Effort Urging Treasury Department & SBA to Fix Issues with Paycheck Protection Program, Encourage Additional Lenders to Issue Forgivable Loans to Small Businesses Amid COVID-19 | 2020-04-07 | 2020 | 2020-04 | Democrat | House | OK | Kendra Horn | H001083 | horn.house.gov | legacy | Congresswoman Kendra Horn (OK-5) and Congresswoman Abigail Spanberger (VA-07) today led an effort calling on the U.S. Small Business Administration (SBA) and U.S. Department of the Treasury to takeimmediatesteps to encourage additional lenders to issue Paycheck Protection Program (PPP) loans to small businesses struggling due to the COVID-19 pandemic. The PPPlaunched last Fridayis meant to distribute fullyforgivable loansforbusinesses to cover payroll costs, mortgage interest, rent, and utilities. However, small business owners have reported many barriers since the opening of the PPP programincluding lendersrefusingto take new applicationsforPPP loans and lenderssubjectingbusinesses to additional, burdensome requirements. Additionally, if a business' primary lender does not accept their PPP application because they do not meet that lender's preference, they are left with nowhere to turnas most lenders require previously established relationships as part of the application criteria. Unfortunately, these barriers might appear insurmountable to many small businesses, particularly as the PPP has a limited amount of funding that is being distributed on a first come, first served basis. In alettersent to U.S. Treasury Secretary Steven Mnuchin and U.S. SBA Administrator Jovita Carranza, Congresswoman Horn and Congresswoman Spanberger expressed their concerns about the PPP's shaky rollout and its consequencesforsmall businesses needing financial assistance during the coronavirus pandemic. Additionally, the lawmakers called on the SBA and the Treasury Department to provide additional guidance to PPP lenders that would clarify eligibility requirements and encourage lenders to provide PPP loans to all eligible businesses. We were shocked and disappointed to learn that, contrary to Congressional intent, individual qualified lenders have been demanding additional requirements of businesses that wish to applyfora loan, including an existing small business relationship between the lender and the business,said Congresswoman Horn, Congresswoman Spanberger, and their colleagues. We ask that the SBA and the Department of Treasury provide additional guidance to PPP lenders that would clarify eligibility requirements and encourage lenders to provide PPP loans to all eligible businesses. Last month, President Trump signed the PPP into law as part of theCoronavirus Aid, Relief, and Economic Security (CARES)Act, which Congresswoman Horn and Congresswoman Spanberger voted to passearlier that day. The Horn-Spanberger letter was also signed by U.S. Representatives Stephanie Murphy (FL-07), Jim Cooper (TN-05), Daniel W. Lipinski (IL-03), Joe Cunningham (SC-01), and Mikie Sherrill (NJ-11). Click hereto read the letter. The full letter text of the letter is below. --- Dear Administrator Carranza and Secretary Mnuchin, We write to urge yourimmediateattention and swift action on an issue that threatens the financial security and longevity of small businesses. On March 27, the House passed the CARES Act (PL 116-136), which was shortly thereafter signed into law, to respond to the economic effects of the coronavirus pandemic. As the public health measures necessary to slow the spread of coronavirus are taking a particular toll on small businesses, the CARES Act provides significant assistance to small businesses that otherwise might not survive the impact, including through the Paycheck Protection Program (PPP). The PPP, found in Section 1102 of the CARES Act, is a $349 billion loan programmanaged by private sector lenders but guaranteed by the governmentto help small businesses keep afloat during a time of social distancing and mandatory business closures. As a resourceforsmall businesses, sole proprietors, contractors, and the self-employed, PPP loans are meant to be availableforsmall businesses, defined as having fewer than 500 employees, that have suffered economic hardship as a result of COVID-19. Accordingly, we were shocked and disappointed to learn that, contrary to Congressional intent, individual qualified lenders have been demanding additional requirements of businesses that wish to applyfora loan, including an existing Small Business relationship between the lender and the business. We ask that the SBA and the Department of Treasury provide additional guidance to PPP lenders that would clarify eligibility requirements and encourage lenders to provide PPP loans to all eligible businesses. Thank youforyour attention to this critical matter andforyour work to address the economic impacts of this pandemic. Your swift action on this issue will help alleviate the concerns of our nation's small businesses, which are vital to our country and our communities. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |