HARRISBURG – On Tuesday U.S. Reps. Glenn ‘GT’ Thompson (PA-15) and Madeleine Dean (PA-04) sent a letter to Treasury Secretary Steven Mnuchin and Administrator of the Small Business Administration Jovita Carranza, along with a number of colleagues within the Pennsylvania delegation.
The letter makes several requests to streamline the processing of Paycheck Protection Program (PPP) applications, bolstering functionality for lenders and giving grantees more immediate access to funds.
The letter also requests all financial institutions, regardless of size, receive equal treatment when accessing funds from PPP.
“The Paycheck Protection Program (PPP) has been able to provide critical assistance to small business owners, a pillar of the American economy,” said Thompson.
“The program does, however, require a few revisions to better assist those who chose to pursue the American dream.
“By streamlining the processing of PPP applications through an improved online portal, lenders can service their customers and small business owners can access the capital necessary to assist them through disruptions caused by COVID-19.”
“My team and I have heard from many lenders and small businesses about the confusion and difficulties during the SBA loan process,” Dean said.
“These businesses are dependent on federal support during this pandemic and this economic crisis – and this bipartisan letter expresses the need for the Department of Treasury and SBA to evaluate the application process of the PPP to ensure lenders receive guidance and small businesses receive necessary relief in a reasonable time frame.”
“As credit unions and small business lenders, we appreciate the efforts of the federal government to provide businesses financial relief quickly,” said Patrick Conway, president and chief executive officer of CrossState Credit Union Association.
“We commend Reps. Thompson and Dean for recognizing the critical role of credit unions and other community lenders in providing the needed financing and support that may serve as the lifeblood for local small businesses throughout the country.”
“Despite all of the challenges accessing the SBA’s payroll protection loan portal, Pennsylvania’s community banks have worked tirelessly over the last 11 days to deliver hundreds of millions of dollars to thousands of Pennsylvania small businesses,” said Kevin L. Shivers, president and CEO of the Pennsylvania Association of Community Bankers (PACB).
“Community bank customers should rest assured their financial institutions remain a stable financial force for the communities they serve.
“We are grateful for members of Pennsylvania’s Congressional delegation for their desire to work with banks to seek clarity from the U.S. Treasury and the SBA on critical aspects of the PPP program that still have not been finalized.”