(WASHINGTON, D.C.) – Congressman Jamie Raskin (MD-08) today joined U.S Senator Chris Van Hollen and Congressman David Trone (all D-Md.) in sending a letter to Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza, pressing them to immediately update guidance to address urgent concerns expressed to the Members by Maryland small business owners. As noted in their letter, small businesses continue to face serious challenges with the Paycheck Protection Program (PPP), including the disbursement and use of the PPP loan proceeds.
The Members ask for new guidance in these areas of the program to ensure funds are better aligned with business re-openings, and note, “As small businesses work through the application system and plan their use of PPP funds in such a way as to satisfy the requirements for loan forgiveness under the program, we must ensure that proper guidance is promptly disseminated in order to allow for the most beneficial use of the program by the businesses it was meant to serve.”
“We appreciate Senator Van Hollen, Congressman Trone, and Congressman Raskin working on behalf of preserving jobs for small businesses in Maryland and the nation. Their understanding of the hardship caused by forced closure and the need to realign the CARES Act legislation with this new reality is critical for preserving these jobs and businesses going forward,” said Bob Giaimo, President/CEO and Founder of the Silver Diner restaurants.
“Maryland restaurants are the backbones of their communities, but a growing number of them are permanently closing their doors as this pandemic drags on. The PPP is a great initiative, but it doesn’t take into account our unique business model, and the challenging path we will have to reopen. We appreciate the leadership of Sen. Van Hollen and our congressional delegation to propose fixes to the PPP that would provide real relief to Maryland restaurants and our 11,000 employees,” said Marshall Weston Jr., President and CEO of the Restaurant Association of Maryland.
The full text of the letter is here.