By Mike Kruzman / news@whmi.com


8th District Congresswoman Elissa Slotkin is calling for at least $250-billion in new and renewed funding for helping small businesses survive through the pandemic.

Last month’s federal CARES Act provided $349-billion in funding for the Payroll Protection Program through the Small Business Administration. The program allows small businesses loans of up to $10-million at a 1% interest rate that is forgivable if the owner spends 75% to keep staff on payroll. The SBA has already gone through that money. Slotkin says those funds need to be replenished. The Holly Democrat has called for an additional $250-billion as soon as possible to keep applications moving and get businesses what they need. Slotkin said the program has been successful, and that we need to build on it and put more money it its coffers.

Slotkin held a Facebook Live Q& A with SBA Great Lakes Region Administrator Robert Scott and CEO of the Michigan Bankers Association, Rann Paynter, on Thursday.

One of the concerns addressed was that some small business owners applied for the PPP loan, but have not heard back from their lender. Others were worried that that the money was already gone before they could get their application in. Paynter encourages them all to keep at it, while keeping communication open with their lender. He said interested applicants should continue to get their paperwork in order for when the funding does get approved. If you have applied and have not yet been funded, Paynter says it is appropriate to check in.

Scott said this has been a massive undertaking, and that the SBA has approved more guaranteed loans in 14 days than they have in 14 years.


Slotkin said legislators on both sides of the aisle agree that at least $250-billion more is needed for the program. The Hill reports that last week, Republican Senate Majority Leader Mitch McConnell tried to pass that amount in funding, but was blocked by Democrats who wanted an additional $250-billion for hospitals, food assistance, and state and local governments. He, then, blocked their larger package. In response, White House spokesman Judd Deere said it was, “beyond disappointing that Senate Democrats would choose to block our efforts to provide more emergency relief to small businesses.” However, Bloomberg News reports that House Speaker Nancy Pelosi told reporters in a conference call that McConnell knew his proposal would fail.

Slotkin called this crisis a generational moment that we are going through, speculating that we will be a different country when we come through it. She said she is doing everything in her power to secure this funding.

A link to the Facebook Live Q& A can be found here: https://www.facebook.com/2202052983148029/videos/155063645911495/