COVID-19 survey and update
Together, we continue to take our next steps to overcoming COVID-19 and toward our economic recovery.
I hope you’ll complete the survey below, so I can provide you with the resources you need.
Saving 150,000 Montana jobs
I recently voted for the Paycheck Protection Program and Health Care Enhancement Act. The new law increases funding for the Paycheck Protection Program (PPP), getting that critical program back up and running. It also expands COVID-19 testing and provides support to our hospitals and health care providers.
The U.S. Joint Economic Committee estimates that the PPP will save 150,000 Montana jobs.
According to the U.S. Small Business Administration (SBA), the PPP has provided $1,697,560,402 in loans to 20,683 Montana small businesses as of May 1.
The PPP prioritizes millions of Americans employed by small businesses by authorizing up to $660 billion toward job retention and certain other expenses. Under the program:
- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25 percent of that amount.
- Loan payments will be deferred for six months.
- PPP loans will be forgiven if at least 75% of borrowed funds are used for payroll and remaining funds are used for rent, utilities, or mortgage interest.
For more information on the PPP and other small business resources, please visit sba.gov/coronavirus.
Supporting Montana’s Main Street businesses
Before the vote, I spoke on the House floor about the success of the PPP in Montana. During the first round of funding, Montana lenders approved 13,456 loans totaling over $1,470,300,136 for Montana businesses, according to the SBA. You can watch my full remarks below.