Cunningham Calls for Bipartisan Agreement on More Federal Support for Small Businesses

Mt. Pleasant, S.C. – As the critical small business loan program, the Paycheck Protection Program (PPP), runs out of money, Rep. Joe Cunningham (SC-01) called for an immediate bipartisan agreement to keep vital relief flowing to small businesses. Last month, Congress passed bipartisan legislation, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided significant assistance to small businesses, including $349 billion for the Small Business Administration (SBA) to administer the PPP.

The program provides cash-flow assistance for small businesses through 100 percent federally guaranteed loans to maintain their payroll and pay their bills during the COVID-19 pandemic. The loans can be forgiven if employers keep employees on their payroll. South Carolina small businesses have received over $2.6 billion in loans through the program as of April 15th.

Another low-interest loan program, the Economic Injury Disaster Loan (EIDL) program, has also been plagued by an unprecedented number of applications and frustrating delays.

“Over the last month, I’ve talked to Lowcountry small business owners, working families, and the recently unemployed who are all struggling to manage the economic impacts of this public health crisis,” said Rep. Joe Cunningham. “We’ve seen record-breaking need for emergency aid and as a result, the funds available for relief have been drained quickly. We need to fix this problem immediately and ensure there is enough funding to help every Lowcountry small business that needs it. As small businesses struggle, it is unacceptable for Congress to squabble endlessly over how to extend these programs. It’s time to put politics aside, act swiftly, and shore up these programs for Lowcountry businesses.” 

Today, Cunningham sent a bipartisan letter to Administrator Jovita Carranza of the SBA for clarity on how the administration is addressing challenges facing the EIDL program and how Congress could better assist the SBA. Last week, Cunningham called on Congress to include more aid to Lowcountry workers, small businesses, cities, servicemembers, and hospitals as they debate the next phase of COVID-19 response legislation.