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Schneider Announces Paycheck Protection Program Helped Tenth District Retain More than 92,000 Jobs

July 6, 2020

Schneider to host webinar on Wednesday for local businesses and organizations seeking guidance on PPP loan forgiveness–

NORTHBROOK, IL—Following the release of new data today from the Small Business Administration (SBA) on use of the Paycheck Protection Program (PPP), Congressman Brad Schneider (IL-10) announced that the PPP helped retain more than 92,600 jobs in the Tenth District. PPP was established in the CARES Act by Congress to provide aid to small businesses and organizations during the Covid-19 pandemic by providing a loan than can be forgiven if recipients meet certain criteria, including allocating a significant percentage to payroll.

"Today's release of data is great news for our community, as well as a win for transparency. The SBA has more work to improve PPP and improve communication with borrowers on other programs, such as EIDL, but it is encouraging to see how this funding was used retaining jobs in Illinois," said Schneider. "Today's data release demonstrates how critical federal resources are to helping small businesses stay afloat as they navigate the pandemic's impact and economic uncertainty – it's all the more reason for the Senate to follow the House and vote on the Heroes Act to ensure small businesses continue to get the aid they need during this crisis."

On Thursday, July 9, 2020 at 4:00pm CT, Schneider will host a webinar on loan forgiveness requirements for PPP and associated tax implications for recipient businesses and organizations. He will be joined by guests from the US Small Business Administration (SBA) and CPA accountants from American Institute of Certified Public Accountants (AICPA) to help answer constituent questions. Attendees may register to stream the conversation on Zoom at: https://us02web.zoom.us/webinar/register/WN_Nk8s4yM3Q5upw0ccOyp51g

As a member of the House Small Business Committee, Schneider has been a leader on holding the SBA accountable for implementing the PPP and the Economic Injury Disaster Loan (EIDL) program. Last week, Schneider pressed the SBA Administrator Jovita Carranza in a call for improved communication for EIDL applicants, following on a letter this spring that Schneider led with one-hundred members of Congress. Schneider was also a cosponsor of the Paycheck Protection Program Flexibility Act, which President Trump recently signed into law, that imparts much needed flexibility in the PPP so that businesses can make full use of these resources.

For more information on use of PPP loans in the Tenth District, click here.