The Michigan Chamber sent a joint letter to Michigan’s Congressional delegation yesterday urging them to work swiftly to provide additional funding for the Paycheck Protection Program (PPP).
The letter, organized by the Chamber and signed by over 33 other associations representing Michigan’s business community and financial institutions, asks Michigan’s U.S. Senators and Representatives to work swiftly to provide additional funding for this program. In just under two weeks, the PPP has provided an economic lifeline to over one million small businesses across the country and has allowed these small businesses to remain viable – and maintain their workforces – during the COVID-19 pandemic. Unfortunately, as of yesterday (April 16), the PPP Funds allocated were exhausted. In Michigan, over 25,000 loans were approved with excess of $8.5 billion in approved dollars.
While we understand there are other ideas on the table and a possible “Phase Four” deal coming together, the letter stressed that this matter cannot wait and urged swift congressional action, including program enhancements and additional funding so the business community and financial institutions can continue to distribute these desperately needed dollars.
The full letter and list of signors can be found here.
Please contact Wendy Block with any questions at wblock@michamber.com.