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Cole Statement on Status of Paycheck Protection Program

April 17, 2020
Press Release

Norman, OK – Congressman Tom Cole (OK-04) released the following statement after funding was depleted this week for the Paycheck Protection Program.

“After having numerous discussions with small business owners and workers from across the Fourth District of Oklahoma, it is apparent just how desperately needed additional funding is for the Paycheck Protection Program that Congress created in the CARES Act. Since applications opened just two weeks ago, more than 35,500 state businesses have already borrowed roughly $4.6 billion from the program to retain the jobs of tens of thousands of Oklahomans,” said Cole.

“Every Republican is prepared to support the badly needed additional funding for this highly effective and popular program, and small businesses need to know they can rely on Congress to get it done. Unfortunately, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer have so far chosen not to replenish the quickly dried-up funding until securing additional funding for state and local governments. While I don’t doubt the worthiness of that goal, the reality is that government institutions still have money provided by the CARES Act. The same cannot be said for small businesses counting on the Paycheck Protection Program.

“Small businesses need our support right now, and it is unconscionable to hold up the aid that we promised would be available to them. Unless Democrats change course immediately, it is going to cost millions their jobs and thousands their businesses. I call on Democratic leadership to work with Republicans to get this done.”

Last night, Cole hosted a telephone town hall focused on small businesses with House Small Business Committee Ranking Member Steve Chabot. Listen to the call here.

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