June 04, 2020

Wyden: Senate Passage of PPP Reforms Strengthens Lifeline that Small Business Needs During COVID-19

Senator welcomes Paycheck Protection Program extension he fought to pass for small business in Oregon and nationwide

Washington, DC – U.S. Sen. Ron Wyden issued the following statement after the Senate approved legislation he sought to make urgently needed reforms for the Paycheck Protection Program (PPP) that small business needs to get through the economic crisis touched off by COVID-19:

“Extending the deadlines for small businesses in Oregon and nationwide to spend the PPP resources they need to pay their employees and bills during the economic fallout of this public health crisis was a common-sense must-do,” said Wyden, Ranking Member of the Senate Finance Committee.

“Communities in every nook and cranny of Oregon rely on small business to generate jobs that power their economies,” Wyden said. “And I have heard from many of these small businesses trying to survive these tumultuous times throughout our state about the need for relief from arbitrary deadlines created in the initial coronavirus response.”

“I am gratified that the Senate has recognized this need and passed this House legislation extending the eight-week period for PPP loans to be forgiven to 24 weeks or until the end of the calendar year – whichever comes first,” Wyden said. “While I am glad the Senate has taken this necessary step, much more needs to be done to help small businesses weather this storm and I will keep working with them on those additional steps they require in the months ahead.”