Paycheck Protection Program

Floor Speech

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Mr. SCHUMER. Mr. President, this is a very good day because very much needed improvements to the PPP program will now pass the Senate as they passed the House, 417 to 1. The PPP program is desperately needed by small business, and it was not in the original proposal of our Republican friends or of the President. We worked very hard and pushed hard to get this done, and I want to salute Senators Cardin and Shaheen for their efforts.

The program was not at all perfect. When it first rolled out, too many of the big shots got money and not enough of the small businesses--the mom and pops, the butcher, baker, and candlestick maker. And nonprofits were not entitled. I pushed very hard to get nonprofits, including church-related nonprofits, religious-related nonprofits, in the bill. They can now benefit from the bill just like the small businesses can.

We Democrats said, there has to be some money set aside--not just to give more money in COVID 3.5--to the existing businesses that had connections with bankers but to the smaller businesses, and $125 billion was set aside. That was a very good thing. Now it has changed from a program that has gone mainly to those that had good connections to bankers that were well connected to many smaller businesses as well.

In the second round, States that really needed the help got a greater percentage of the help, like my State of New York. So this program has been one that Democrats have been, initially, very positive about and helped propose and write but constantly worked on improving to make it better, better, and better. That improvement continues today. The House Democrats put together a bill that would deal with the kinds of problems we continue to see.

Eight weeks is running out soon. Yet small businesses may not get all the money--may not be able to use the money when the program runs out, and extending it to 24 weeks is vital. In many States, like mine in New York, only 25 percent of the money could go to OTPS expenses, other than personnel expenses. That wasn't enough. A lot of businesses didn't want to apply.

This bill moves it up to 40. Our Republican friends had resisted that. I am glad now they have seen the light.

You will have the loan--if you go to convert your loans and get them forgiven, it will be 5 years that you have to pay back, not 2. Lots of small businesses said they couldn't dare be able to pay them back in 2. These are among the most important changes in the bill, as well as some others.

I am glad our Republican friends have relented and passed the bill here as we are about to close session for this week. It passed the House. We Democrats have been pushing to get it done. For the last 3 days, there were some problems on the other side, and I am glad they have been worked out. I want to thank Senator Johnson. He had problems, but we talked on the phone repeatedly and worked those problems out with the help of Senator Cardin. And this is an improvement that is much needed and comes at the last minute but not too late. So many businesses--8 weeks--will expire so soon, and now it is extended to 24 weeks.

So I am glad this bill passes. I am glad we can do it by unanimous consent. We Democrats are fully in support of this, every Democrat. We have no problems moving it forward. I know it will help a lot of small businesses.

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