Blue Dog Leadership Issues Statement on House Passage of Additional Coronavirus Emergency Funding
WASHINGTON—Today, the Blue Dog Coalition’s Co-Chair for Administration, Rep. Stephanie Murphy (FL-07), issued the following statement on House passage of the Paycheck Protection Program and Health Care Enhancement Act:
“Although we are pleased that both sides were able to come together to deliver additional funding for testing, hospitals and small businesses, including those in rural and underserved communities across the country; this deal took too long. Congress cannot and should not miss a deadline to fund a crucial lifeline in the midst of a national crisis. The American people deserve better, and going forward, both parties must start with bipartisan agreement rather than partisan politics. With lives and livelihoods on the line, there is no time to waste on finger pointing. As Blue Dogs, we’ll continue to hold both parties accountable to focus on bipartisan solutions that can deliver relief now rather than items on a partisan wish list.”
On Monday, April 20, the Blue Dog Coalition sent a letter to U.S. Treasury Secretary Steven Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza calling on the Trump Administration to fix the problems community-based financial institutions face when it comes to accessing the Paycheck Protection Program (PPP). Specifically, the Blue Dog Coalition urged the Administration to do the following: provide clear and concise instructions on how community-based financial institutions can access the SBA loans programs; ensure community banks, credit unions and community development financial institutions (CDFIs) have equal opportunity to issue PPP loans; and direct the Federal Reserve to provide advances against PPP loans. The Co-Chairs of the Blue Dog Task Force on Rural Opportunity, Reps. Abigail Spanberger (VA-07) and Xochitl Torres Small (NM-02), led the effort.
In the Paycheck Protection Program and Health Care Enhancement Act, the Blue Dogs successfully secured a $30 billion set aside for smaller financial institutions with $10 billion to $50 billion in consolidated assets and another $30 billion set aside for smaller, community-based financial institutions with less than $10 billion in assets. The Blue Dogs continue to urge the Trump Administration to use the funds as Congress intended: to support main street businesses.