FOR IMMEDIATE RELEASE:
April 20, 2020
Contact: Press@paul.senate.gov, 202-224-4343
WASHINGTON, D.C. – Today, U.S. Senator Rand Paul (R-KY) joined several other senators in sending a letter urging Administrator Jovita Carranza to reopen the U.S. Small Business Administration’s (SBA) online portal and accept Paycheck Protection Program (PPP) loan applications that were completed as of April 16, when the program ran out of funding.
This is just the latest in Dr. Paul’s efforts to ensure a fast-moving and effective response to the novel coronavirus pandemic. Reopening the online portal would allow small businesses to more quickly receive the assistance they’re seeking after Congress authorizes additional funding and would help the program run as smoothly as possible.
“Thus far, lenders have made impressive progress, sifting through scores of applications and fighting paramount pressures. By providing access to the E-Tran system, lenders will be allowed to submit the backlog of applications they have already received. It will also protect businesses that previously applied from being leap-frogged by new applicants should the program reopen. Regardless, businesses and lenders will need to understand that these submissions will not be funded without additional appropriations from Congress,” the senators stated.
The senators also noted that they “are concerned that the E-Tran system will be overwhelmed, if the SBA does not allow submissions before the program reopens. Keeping the system operational will mitigate the influx once the program receives more funding, and will have the added benefit of being able to more accurately gauge demand in the current backlog.”
You can read the senators’ entire letter below: