Letter to the Hon. Steven Mnuchin, Secretary of the Dept. of the Treasury, and the Hon. Jovita Carranza, Admin, of the Small Business Administration - U.S. Senator Tina Smith Presses Treasury, Small Business Administration to Support Cooperatives, Rural Hospitals and Businesses in Minnesota, Across Nation By Making Firms Eligible for Paycheck Protection Program

Letter

Dear Secretary Mnuchin and Administrator Carranza,

Thank you for your efforts to support workers and small businesses during the historic health and economic crisis facing the nation. The Paycheck Protection Program (PPP), which Congress enacted with strong bipartisan support last month, is intended to help businesses and workers bridge the next couple months of this terrible crisis. As Congress finalizes legislation in the coming days to provide additional funding for the PPP, now is an opportunity for you to make improvements in how you administer the program to ensure that when the program's funding is replenished, key firms that may have previously been denied access will be able to promptly apply for and secure funds to retain their employees.

While PPP has provided relief for some, it has become clear through conversations with individuals and a number of organizations in Minnesota that certain businesses and other entities face uncertainty about eligibility or have been unintentionally excluded from program eligibility. I request that, as appropriate, you clarify or amend the guidance and rules governing the Paycheck Protection Program to ensure that the following entities are eligible (provided they meet other program requirements, such as size standards):

·Rural electric cooperatives

·Agricultural cooperatives

·Tribal businesses, including tribal gaming businesses

·Small banks

·Credit unions

·Rural hospitals

It is important that during this uncertain time individuals, businesses and communities that are struggling feel they have clarity about what resources are available to them and how they can access those resources to stay afloat. Each of these entities provide key services in Minnesota and across the nation, and many have employees facing the same struggles with layoffs as other small businesses who have more common business structures or industries.

Thank you for your consideration of this request.

Source