WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) applauded Senate passage of legislation providing additional flexibility to the Paycheck Protection Program (PPP), the popular centerpiece of the Coronavirus, Aid, Relief and Economic Security (CARES) Act. Senator McConnell led the Senate in passing the legislation which has, to date, helped more than 45,000 Kentucky small businesses, farmers and certain nonprofits access loans totaling over $5 billion.
The legislation, which passed the Senate this week and was signed into law by President Donald Trump today, increases the loan forgiveness period from eight to 24 weeks, reduces the payroll requirement from 75% to 60%, raises the loan repayment period from two to five years, and extends the June 30th rehiring deadline. This builds on Senator McConnell’s leadership in establishing PPP in his CARES Act.
“I applaud the Senate for passing this legislation that will provide additional flexibility to the historic Paycheck Protection Program, allowing it to continue to protect Kentucky workers and small businesses through the coronavirus pandemic,” said Senator McConnell. “I continue to hear from Kentucky workers and small businesses who are benefitting from the program. The Paycheck Protection Program has delivered more than half a trillion dollars in relief and has literally saved tens of millions of American jobs, and with passage of this new legislation we will be able to continue to assist working families and Kentucky small businesses”
“I want to thank Senator McConnell for his leadership and for listening to us. This is a great help and benefit to our business, J Michael’s Spa & Salon. It would have been a great struggle to get through these 10 weeks of shutdown without the PPP loan. This added flexibility gives us peace of mind as we continue to reopen. This is truly awesome news for our business and our employees, said Jerry Plappert, Co-Owner J Michael’s Salon & Spa, Louisville, Kentucky.
“We very much appreciate Senator McConnell for providing us the opportunity for more time to use the PPP loan,” said Theresa White, Financial Coordinator for Cumberland Valley Domestic Violence Services, London, Kentucky. “Domestic violence does not stop because of the pandemic. We’ve been open 24/7, with necessary rearrangements and precautions. The PPP loan will ensure that we have adequate funds to pay staff and keep our doors open for all victims of domestic violence.”
“The additional PPP flexibility is hugely important. All restaurants are struggling right now. My restaurants have not reopened yet. The time extension to spend our PPP loan will give us the time to create a real plan for reopening, instead of rushing and failing. With more time, we now have much higher probability of surviving and getting through this pandemic,” said Chef Edward Lee, 610 Magnolia, Louisville, Kentucky. “Senator McConnell has helped give us the extra space to plan and survive for the next 6 months. So, tremendous thanks to the Senate for working together and putting the needs of small businesses before politics.”
“Senator McConnell will be remembered for his actions that saved small businesses,” said Philip Clements, CFO and Co-Founder of Physicians Rehab Solutions (PRS), Elizabethtown, KY. “PRS is an Elizabethtown-based Physical and Occupational Therapy management company. The Paycheck Protection Program was critical to our sustainability and provided for our staff while business was dramatically slowed from closures and only essential visits. The PPP extension is a further significant benefit to our business. It gives us the needed flexibility to manage our PPP loan to fit our business operations. These changes will reduce the long-term impact of COVID-19 on our business and our workers.”
“The changes to the PPP that the Senate just passed are going to be a Godsend for thousands of small businesses. American Cave Museum and Hidden River Cave, which I manage, was shut down for three months,” said David Foster, Director, American Cave Museum and Hidden River Cave, Horse Cave, Kentucky. “The PPP program was the one hope that we had to keep our business alive until we could safely reopen. I, along with thousands of small business owners, are breathing a sigh of relief today now that the program has been modified to give us more time to bring people back. Thank you to Senator McConnell for this much needed aid!”
“We’re extremely grateful for this legislation and the relief it provides our restaurant. The extension of 24 weeks, along with the additional flexibility, will actually put us in a position to meet our payroll, catch up on our bills and help us stay in business. Thanks to Senator McConnell for getting this done for Kentucky,” said Debbie Long, Owner of Dudley’s on Short, Lexington, Kentucky.
“The extension of the Paycheck Protection Program by the U.S. Senate and the benefits it affords Kentucky Kingdom are essential in helping the park weather the financial challenges posed by the coronavirus shutdown,” said Ed Hart, President and CEO of Kentucky Kingdom, Louisville, Kentucky. “With this assistance, the entire Kentucky Kingdom team looks forward to welcoming our guests to the park when our summer season begins on June 29.”