The Payment Protection Program (PPP) provided coronavirus relief for small businesses through government loans. According to the Wall Street Journal, nearly 300 PPP recipients that accepted up to $500 billion in cash have filed for bankruptcy. This data comes as the Small Business Administration may be required to disclose which businesses received funding and how much. Today, House Republicans will hold elections for party leaders in the new Congress. With none of the races contested, voting is expected to run smoothly with GOP Leader Kevin McCarthy set to keep his position. House Democrats will vote on their leadership later in the week.
Bills of Interest
Sen. Lisa Murkowski (R-AK) introduced a bill to amend title VI of the Social Security Act to extend the period during which States, Indian Tribes, and local governments may use Coronavirus Relief Fund payments.
At The Agencies
Small Business Administration
SBA announced Small Business Size Standard Revisions in Three Industrial Sectors; Change Targeted at Increasing Eligibility for Contracting and Loan Programs