releases: https://mcadams.house.gov/news/documentsingle.aspx?DocumentID=343
Data license: MIT · Data source: dwillis/congress-press
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| https://mcadams.house.gov/news/documentsingle.aspx?DocumentID=343 | McAdams supports small business loan program improvements; greater transparency | 2020-05-28 | 2020 | 2020-05 | Democrat | House | UT | Ben McAdams | M001209 | mcadams.house.gov | legacy | Washington, D.C.Congressman Ben McAdams voted for two bipartisan House measures that give small businesses more flexibility on terms for Paycheck Protection Program (PPP) loan forgiveness and provide more transparency for use of taxpayer dollars. The program was designed to help small businesses stay afloat and keep employees on the payroll. Congress provided nearly $660 billion for the Small Business Administration (SBA) program. Utah financial lenders alone processed more than $5.2 billion in SBA loans. Utah led the country in processing these loans so that small businesses could provide paychecks to employees during the COVID-19 shutdown. Many small businesses, through no fault of their own, may not be open or fully functional within eight weeks the original deadline to spend the funds for loan forgiveness, said McAdams. This bipartisan bill gives more time and more flexibility to make qualifying expenditures for loan forgiveness. McAdams signed onto the bipartisan Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010). Among other things, McAdams said it will: Extend the PPP loan forgiveness period to include costs incurred over 24 weeks after a loan is issued, or through Dec. 31, whichever comes first. Businesses that received a loan before the measure is enacted could keep the current eight-week period. Maintain forgiveness amounts for businesses that were unable to rehire employees or find similarly qualified workers by the end of the year. Give borrowers greater flexibility to use the funds without limiting loan forgiveness amounts. Extend the deadline to apply for a PPP loan to Dec. 31, from June 30. McAdams also supported the TRUTH Act (H.R. 6782), which requires the SBA to submit a report on recipients of assistance of more than $2 million under PPP and the Economic Injury Disaster Loan (EIDL) program. Specifically, the SBA must publish the identity of the recipient of assistance and an explanation of the decision-making process; the number of employees assisted and the date on which the assistance was disbursed. The bill failed to get the necessary two-thirds vote. McAdams said he's disappointed that taxpayers will not receive the information they deserve. I've been calling for greater transparency about whether tax dollars are reaching the intended recipients. Although this bill failed today, I will continue to press for answers about whether small businesses were treated fairly, said McAdams. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |