Greg Walden Statement on Paycheck Protection Program Running Dry

April 16, 2020
Press Release

Today, Representative Greg Walden (R-Hood River) released the following video statement after the Paycheck Protection Program (PPP) ran out of money, which Walden had warned against.
 

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Click here or on the image above to watch Rep. Walden's remarks

“Thousands of Oregon small businesses were able to take advantage of the Paycheck Protection Program that the Trump Administration moved with light-speed to put into effect. This was the program that allowed small businesses to get a loan that could turn into a grant at the end of June if they kept their people on the payroll. Unfortunately, that program has now run out of money. It didn't have to be this way. More than a week ago President Trump asked for another $250 billion dollars for this fund, I supported that, and most of us supported that, but Democrats in the United States Senate blocked that request. So now the fund has gone dry, as predicted, and now we have small businesses all across America and certainly all across Oregon that can't get the funding they need to get to the other side of this fiscal crisis affecting our economy because of the pandemic. Congress needs to come together, we need to work this out, and we need to replenish this fund as soon as possible,” said Walden.

PPP Statistics Nationwide: (As of April 16th):

  • More than 1,650,000 loans have been approved for small businesses
  • $350 billion in loans have been processed 
  • Nearly 5,000 lenders have participated

Small businesses across Oregon and America continue to benefit from PPP loans. As of April 13, Oregon has had 9,508 approved loans and received $2,427,776,445 in approved dollars from the PPP.  

Earlier today, Walden was selected by President Trump to serve on the Opening Up America Again Task Force. One of Walden’s goals on the task force is to get more funding for the PPP. Learn more about the task force here.