Sen. Moran Statement on Unemployment Numbers and Legislative Improvements to the Paycheck Protection Program
Jun 05 2020
WASHINGTON – U.S. Senator Jerry Moran (R-Kan.) released a statement after today’s U.S. jobs report indicated the unemployment rate dropped to 13.3 percent and 2.5 million jobs were added in May. This week, the Senate also passed the Paycheck Protection Program Flexibility Act, which is now headed to the president’s desk for signature.
“Many Kansans and Americans remain out of work, but today’s jobs report is a positive step forward in our economic recovery,” said Sen. Moran. “The COVID-19 pandemic caused businesses to make difficult decisions to protect those who are most vulnerable to this virus, and unfortunately thousands of Kansas businesses closed their doors with little certainty on when they could reopen. Through the Paycheck Protection Program, 50,000 businesses in Kansas were able to receive loans to endure this pandemic and save thousands of jobs.”
“This week, I’m pleased the Senate voted to update the Paycheck Protection Program to allow businesses more flexibility on how and when they can use their loans,” continued Sen. Moran. “I will work with my colleagues and the administration to continue to make certain the Paycheck Protection Program is benefiting small businesses and helping keep more employees on the payroll as we safely reopen our economy.”
The Paycheck Protection Program Flexibility Act, among other things, will extend the current eight-week period during which businesses must use funds to have loans forgiven to 24 weeks or Dec. 31, whichever comes sooner. The U.S. House of Representatives and Senate both passed H.R. 7010, and the bill will proceed to the president’s desk to be signed into law.