Paycheck Protection Program (Cong. Rec., June 3, 2020)

Summary

Page S2690 of the Senate section of the Congressional Record for June 3, 2020, headed Paycheck Protection Program, in interleaved columns. A speaker says a converted and forgiven loan will have 5 years to pay back instead of 2, and that Republican colleagues had resisted that change, which is that speaker's view. The speaker thanks Senators Daines, Tillis and Gardner, and says further technical fixes have been identified that the full Congress should address. Another speaker says businesses did not want to apply, and that money should be ensured if the fund needs replenishing.

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“Paycheck Protection Program (Cong. Rec., June 3, 2020).” Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2020-06-03-crec-2020-06-03-pt1-pgs2690-b32c7d5895/, SHA-256 24cbcd63339f5d625e139980400f432bc2edb93c195031caae6e3d47e7875954.

Full text

S2690 CONGRESSIONAL RECORD — SENATE June 3, 2020
am afraid the tumult will continue. It I know they have identified further This bill moves it up to 40. Our Re-
is my fervent hope that this Nation technical fixes in addition to the issues publican friends had resisted that. I am
finds a way to peace soon. we are addressing today, and I hope glad now they have seen the light.
I yield the floor. and anticipate the full Congress will You will have the loan—if you go to
I suggest the absence of a quorum. look at addressing those as well in the convert your loans and get them for-
The PRESIDING OFFICER. The future. given, it will be 5 years that you have
clerk will call the roll. I also want to thank Senator DAINES, to pay back, not 2. Lots of small busi-
The legislative clerk proceeded to Senator TILLIS, and Senator GARDNER nesses said they couldn’t dare be able
call the roll. for their hard work on these modifica- to pay them back in 2. These are
Mr. MCCONNELL. I ask unanimous among the most important changes in
tions.
consent that the order for the quorum
The Senate delivered for workers and the bill, as well as some others.
call be rescinded.
small businesses when we first passed I am glad our Republican friends
The PRESIDING OFFICER (Mr.
the CARES Act. We delivered again have relented and passed the bill here
CRAMER). Without objection, it is so or-
when we added more money to this as we are about to close session for this
dered.
popular program back in April, and we week. It passed the House. We Demo-
f crats have been pushing to get it done.
are delivering again today.
PAYCHECK PROTECTION PROGRAM The PRESIDING OFFICER. The For the last 3 days, there were some
Mr. MCCONNELL. Mr. President, Democratic leader. problems on the other side, and I am
back in March, as the coronavirus pan- Mr. SCHUMER. Mr. President, this is glad they have been worked out. I want
demic began to grip our country, the a very good day because very much to thank Senator JOHNSON. He had
Senate’s historic CARES Act set up the needed improvements to the PPP pro- problems, but we talked on the phone
Paycheck Protection Program to help gram will now pass the Senate as they repeatedly and worked those problems
protect American workers from layoffs passed the House, 417 to 1. The PPP out with the help of Senator CARDIN.
during the crisis. program is desperately needed by small And this is an improvement that is
Thanks especially to its chief archi- business, and it was not in the original much needed and comes at the last
tects, Senator RUBIO and Senator COL- proposal of our Republican friends or of minute but not too late. So many busi-
LINS, the PPP has literally saved tens the President. We worked very hard nesses—8 weeks—will expire so soon,
of millions of American jobs. Our col- and pushed hard to get this done, and I and now it is extended to 24 weeks.
leagues’ bold policy has meant the want to salute Senators CARDIN and So I am glad this bill passes. I am
mailboxes of working families in all 50 SHAHEEN for their efforts. glad we can do it by unanimous con-
States have continued to bring people The program was not at all perfect. sent. We Democrats are fully in sup-
their regular paychecks instead of pink When it first rolled out, too many of port of this, every Democrat. We have
slips. the big shots got money and not no problems moving it forward. I know
Through the end of May, this re- enough of the small businesses—the it will help a lot of small businesses.
markable program has delivered more mom and pops, the butcher, baker, and I yield the floor.
than half a trillion dollars to keep candlestick maker. And nonprofits The PRESIDING OFFICER. The ma-
American workers on payroll all across were not entitled. I pushed very hard jority leader.
our country. to get nonprofits, including church-re- f
One recent survey found that more lated nonprofits, religious-related non-
than three-quarters—three-quarters— PAYCHECK PROTECTION PROGRAM
profits, in the bill. They can now ben- FLEXIBILITY ACT OF 2020
of all small business owners have ap- efit from the bill just like the small
plied for a PPP loan and more than 90 Mr. MCCONNELL. Mr. President, I
businesses can.
percent of those applicants have re- ask unanimous consent that the Sen-
We Democrats said, there has to be
ceived one. ate proceed to the immediate consider-
some money set aside—not just to give
The Senate has always committed to ation of H.R. 7010, which was received
more money in COVID 3.5—to the ex-
standing behind this popular program. from the House.
isting businesses that had connections
Back in April when it ran low on funds, The PRESIDING OFFICER. The
with bankers but to the smaller busi-
we worked together to add more re- clerk will report the bill by title.
nesses, and $125 billion was set aside.
sources, and today we are passing an- The senior assistant legislative clerk
That was a very good thing. Now it has
other piece of legislation that makes a read as follows:
changed from a program that has gone
few targeted changes to the program. A bill (H.R. 7010) to amend the Small Busi-
To help workers and small businesses mainly to those that had good connec-
ness Act and the CARES Act to modify cer-
through these lengthy shutdowns that tions to bankers that were well con- tain provisions related to the forgiveness of
are just now beginning to ease, we are nected to many smaller businesses as loans under the paycheck protection pro-
increasing the loan forgiveness period well. gram, to allow recipients of loan forgiveness
from 8 weeks to 6 months. In the second round, States that real- under the paycheck protection program to
Since keeping workers on payroll ob- ly needed the help got a greater per- defer payroll taxes, and for other purposes.
viously requires small businesses to centage of the help, like my State of There being no objection, the Senate
stay afloat in the first place, we are ex- New York. So this program has been proceeded to consider the bill.
panding firms’ ability to use these one that Democrats have been, ini- Mr. MCCONNELL. Mr. President, I
funds to meet obligations like their tially, very positive about and helped appreciate the good faith efforts of
rent, their mortgage, or their utility propose and write but constantly Senator JOHNSON to make sure the
bills, but we maintain the overall re- worked on improving to make it bet- terms of the program and its legisla-
quirement to avoid layoffs to keep the ter, better, and better. That improve- tive intent are properly understood. In
strong protection for workers in place. ment continues today. The House addition, I commend his leadership in
And we are providing payroll tax defer- Democrats put together a bill that looking at the program overall, and
ral for the small businesses involved. would deal with the kinds of problems making suggestions about reforms
This is a bipartisan bill that passed we continue to see. should Congress determine that addi-
the House overwhelmingly. I am proud Eight weeks is running out soon. Yet tional money is needed in the future
the Senate is sending it on to the small businesses may not get all the for the program. The program was de-
President’s desk to become law. money—may not be able to use the signed intentionally to get money into
I want to thank Senator COLLINS and money when the program runs out, and the hands of small businesses quickly

dlhill on DSK120RN23PROD with SENATE
Senator RUBIO once more for their extending it to 24 weeks is vital. In as government took the extraordinary
leadership in authoring this historic many States, like mine in New York, and unprecedented step of shutting
program in the first place. They have only 25 percent of the money could go down the economy because of the pan-
kept right on with their essential lead- to OTPS expenses, other than per- demic. However, should we need to re-
ership, carefully monitoring the policy sonnel expenses. That wasn’t enough. A plenish the fund, he is absolutely cor-
as it has taken effect. lot of businesses didn’t want to apply. rect that we should ensure that money

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