Executive Calendar
Floor Speech
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Mr. SCHUMER. Mr. President, in a moment I will ask unanimous consent to pass legislation that makes urgently needed reforms to the PPP to make the program much more functional for all--underline ``all''--small businesses.
Let me just name a few of the changes. First, it expands the loan period from 8 weeks to 24 weeks. Currently, workers may be brought back for the 8 weeks, but what good is it if they are again laid off after that short period? It is unrealistic, and small businesses need assistance that can cover the full length of this crisis.
Second, the legislation removes the 25-percent restriction imposed by the Trump administration on the use of loans for fixed costs, rents, mortgages, utilities, and replaces it with new 60-40 payroll-to- nonpayroll expenses. This change will continue PPP's support in getting workers back on the payroll but giving small businesses more flexibility to survive in this crisis, which is essential to the long- term employment prospect of the workers.
For my home State of New York, we have high rents, high utility costs. Many businesses were frozen out when there was 25 percent, but 40 percent will get them in, and that applies to the more high-cost areas throughout the country. Even though these are small businesses, they are struggling under those costs.
Third, the proposal extends the program to the end of the year and makes December 31 the deadline to rehire workers in order to get full forgiveness on the loan. We have a long way to go before the economy will come back in real ways. This will give businesses a more realistic timeline to get the help they need while bringing back employees.
The bill ensures any amounts of the loan not forgiven will have at least a 5- year term of repayment so that small businesses will not be saddled with the need to be repaid within 2 years. The impact of this crisis is long-lasting and requires lenient terms. We have all heard from small businesses in our States that while they are glad there is a program-- they would have gone under without it; it is a very good thing--it needed some changes to make it work for so many small businesses that have been left out or rejected.
I say to small businesses across the country: After this changes, apply again even if you applied the first time because it will be easier to meet the requirements and criteria.
This is not controversial. The House of Representatives passed this legislation with a vote of 417 to 1. We can't wait any longer. Businesses are really suffering for lack of these changes, and to wait and wait and wait--if someone wants to make changes, let's do it when we get to the Heroes bill, to COVID 4. But to delay another week or 2 weeks or 3 weeks to get this all bollixed up--we can't afford to wait. Our small businesses cannot afford to wait. These changes are universally agreed to as good ones, and we shouldn't let someone who wants a small change say: Let's stop it until we go forward.
The bill has the broad support of small businesses across industries, mom-and-pop restaurants, underserved businesses, minority businesses, nonprofits that have been hit hard by this pandemic. It should be passed by the Senate right now.
These fixes will not solve every problem in PPP. Too many underserved small businesses and minority small businesses are still struggling to get the help they need in these troubled times. These will not diminish in any way the urgency of passing legislation like the Heroes Act, which provides additional help not only for businesses but for homeowners, renters, essential workers, medical facilities, local and State governments, and more. Our Republican colleagues must come to the table and work with us to pass future reforms.
Nor will it divert our caucus in its quest for police reform and racial justice. We have to do that as well.
But today we have an opportunity to pass meaningful reforms that our small businesses need now. We must get this done. Businesses are going under every day. Small businesses that have struggled and sweated--my dad's was one of them--that need help and can't get help because of certain problems in this bill will be so relieved when we pass this legislation, which has already passed the House.
I want to particularly thank two people on our side who have worked long and hard on this legislation, who will speak now. One is Senator Cardin from Maryland, the ranking member of the Committee on Small Business, and one is Senator Shaheen, the senior Senator from New Hampshire, who is also a very active member of the Small Business Committee. I hope that passing this legislation in a bipartisan way as it did in the House will give us momentum to keep working on the medical, economic, and racial crises that still affect our Nation.
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Mr. SCHUMER. Madam President, let me thank my colleagues from Maryland and New Hampshire for their eloquence.
Again, we need to act now. We have waited long enough to make these changes. The House passed them 417 to 1. There may be changes people want to make, but I would urge that we pass this bill now--we pass this bill immediately--because small businesses need the certainty. In the next week or two, many will be affected negatively if we don't get this legislation passed.
710, which was received from the House; that the bill be considered read a third time and passed; and that the motion to reconsider be considered made and laid upon the table.
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Mr. SCHUMER. Madam President, I respect the good faith and sincerity in my colleague from Wisconsin.
I would say this: If we change this bill and then go to conference with the House, we risk too much delay. We should move the bill now. We are willing to, certainly, look at the changes that my colleague from Wisconsin proposes, and we can do that in a UC tomorrow, next week, whenever--but not hold this bill up because, even if the Senator is right in his interpretation--which may be right; it may be wrong--it doesn't affect 95 percent of the businesses in the next few weeks that need help.
So we ought to pass this bill, help the urgent needs that those businesses have, and whatever corrections that my colleague from Wisconsin wishes to make, I am sure my colleagues from Maryland and New Hampshire and I would look at it. But to hold this bill up now, which passed 417 to 1 in the House and which does so many good and needed things, unaffected by the provision that he is having trouble with, I think would be a sincere mistake.
So I would ask him to reconsider. We need to pass this bill today.
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Mr. SCHUMER. I will be happy to yield.
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Mr. SCHUMER. Madam President, I thank my colleague. I would simply say that it seems to me he has it a little backward.
We should pass this bill and then work on the changes--not hold this bill up. Who knows what can happen? Maybe it will happen today; maybe it will not. We have the moment to do it now. We waited 2\1/2\ days. We could have done the UC Monday. We waited until Wednesday afternoon. We are leaving here tomorrow at about 1.
The House is not in session now. It would be very, very wise and helpful to small business--and I have talked to many of them all across the country--to pass this bill now, and then we will work in good faith on the small change that my colleague wished to have.
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Mr. SCHUMER. I yield.
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Mr. SCHUMER. Madam President, if my friend from Wisconsin is willing to delay the other changes he wants and try to work those out, it would make eminent sense to delay this one, as well, and try to work that out and pass this bill. You never know what happens.
We should pass it today, not wait for tomorrow. We should pass it now, not wait a few hours. Lord knows what can happen. Businesses are crying out.
I think our moving here will move the process forward. It wouldn't have moved as quickly as if we didn't move the bill, but it is still a better bet to help small businesses, even with the concern my colleague has, to pass this bill now.
I would make one final plea: Let's pass it now. If not, we should pass it today.
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