Washington, DC (May 28, 2020) — New data released by the Department of Labor reveals the number of first-time unemployment claims was 2.12 million last week.
“Since the pandemic started, over 40 million Americans have lost their jobs – and it’s important to remember that number would be at least 30 million higher without the Payroll Protection Program. PPP loans have been a lifeline, distributing $511 billion to 4.4 million small businesses. However, the eight-week forgiveness deadline is starting to come up for those who received early loans. This is unfair since most states are just starting to reopen and no state has reopened at 100 percent. While JCN is relieved that the House and Senate each have bipartisan bills that address some of the unintended consequences of PPP, we believe the clock should start when businesses, in their respective industries and in their respective states, regions or municipalities are allowed to open at 100 percent capacity. Additionally JCN supports adjusting the ratio of how the funds are used to increase the amount that can be used on rent and other expenses, but we do not support eliminating it. The program was meant to protect paychecks. We look forward to a compromise between the House and Senate that is closer to the middle.”
On May 17, the Wall Street Journal quoted Mr. Ortiz about the need to extend the loan forgiveness clock. To read the article, click here.