“I think that’s probably reasonable,” Rep. Patrick McHenry, who represents banking-heavy North Carolina and is the ranking Republican member on the House Financial Services Committee, said of Warren’s proposal.
“Raising the cap is a start — but it won’t be enough,” Warren tweeted. “Every small business that qualifies should get the help they need, period. We should provide an absolute guarantee.” The PPP can lend up to $10 million to businesses with 500 employees or fewer, with funds backstopped by the U.S. government, and the business does not have to repay the loan if it uses at least 75 percent of the money to retain employees. A bipartisan group of senators, led by Marco Rubio, R-Fla., and Ben Cardin, D-Md., crafted the legislation.
McHenry acknowledged that the delivery of loans through the PPP has been “uneven” but said the program was requiring “a massive amount of loans that is beyond SBA’s traditional capacity, so SBA has done well, considering.” The SBA made $25 billion worth of loans in all of 2019, he said. And in the first four days of the PPP, it pushed out twice that amount, $50 billion.
“It’s the speed by which we had this intervention that has made it very, very challenging to deliver. But I think it is mostly delivering. And it deserves at this point a B-plus,” he said.
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