Wednesday Vote Set for Crucial Phillips Small Business Program Reforms
Washington, DC, May 24, 2020
— Votes are set for Wednesday, May 27 on two important reforms to the Paycheck Protection Program from Rep. Dean Phillips (MN-03) designed to save struggling small businesses and ensure necessary transparency for American taxpayers. The Payroll Protection Program Flexibility Act and the Transparency and Reporting for the Underbanked and Taxpayers at Home (TRUTH) Act solve problems with the Paycheck Protection Program (PPP) an Economic Injury Disaster Loans (EIDL) facing millions of small business owners across the country.
“Representation begins with listening, and I am hearing from too many Minnesota small business owners who have received PPP loans but are afraid to use the money because of the inflexible, one size fits all rules - and others who are not applying for aid at all out of fear and confusion,” Representative Phillips said. “It won’t matter how much money we appropriate if the distribution mechanisms are broken. Congress now has an opportunity to fix what’s broken and make this important relief program more accessible and useable to the small businesses that need it the most. I am encouraged by the bipartisan cooperation of my colleagues in the House and Senate, and look forward to working with them to push these reforms over the finish line without delay. Every day counts, and time cannot be wasted.”
The two bipartisan bills are the culmination of months of work by Phillips. After countless conversations with small business owners in Minnesota and across the nation, public advocacy to Treasury Secretary Steve Mnuchin, testimony before the House Small Business Committee, and bipartisan collaboration in Congress, votes on the two bills this Wednesday will put Congress closer to ensuring hastily-designed federal relief programs work better for American small businesses owners who so desperately need them.
The Paycheck Protection Program Flexibility Act
The TRUTH Act