Tuesday, April 07, 2020

TKC MUST READ!!! CONGRESSMAN CLEAVER DEMANDS ACTION FROM PAYCHECK PROTECTION PROGRAM!!!



Tonight, local news warns us that Kansas City's program for very small businesses currently not accepting applications.

Here's Kansas City's top ranking elected official working to remedy the tragic situation . . .

Reps. Cleaver And Clay Call For National Loan Servicing Hotline, SBA Briefing On COVID-19 Small Business Loan Program

(Kansas City, MO) Today, United States Representatives Emanuel Cleaver, II (D-MO) and Wm. Lacy Clay (D-MO) called for the Small Business Administration (SBA) to establish a national hotline for financial institutions and borrowers seeking to access the Paycheck Protection Program (PPP), a lending program created with passage of the CARES Act last month. Cleaver and Clay also called for an immediate all-member congressional briefing from the SBA and Treasury Department to answer questions congressional offices have received regarding the newfound program.

“Small businesses in Missouri are desperately fighting to stay above water as the coronavirus pandemic has grinded our nation to a halt. Every day they’re forced to wait for these small business loans is another day they have to make the agonizing decision of whether or not to lay off a hardworking employee,” said Congressman Cleaver. “That’s why we’re calling on the SBA to provide an immediate all-member briefing so that we can get the answers our local banks and businesses are not currently receiving, as well as a national hotline that banks and small business owners can call directly for guidance. Time is of the essence, and livelihoods are at stake.”

“I’m extremely disappointed that some financial institutions only helped existing customers and apparently are not taking applications from businesses who were not customers prior to this crisis,” Congressman Clay said. “Unfortunately, the actions taken by these institutions are counter to the very spirit of the CARES Law—which is to support businesses who are in dire need. I want to make this clear to every financial institution who is participating in the SBA Forgivable Loans program, Congress expects you to treat every American small business owner the same, regardless of if they already do business with you, and regardless of their financial status.”

In the letter, the lawmakers wrote:

“The Paycheck Protection Program was established to offer a lifeline to small business by way of a highly concessionary loan program. While your agencies have worked aggressively to address some of the outstanding questions to some financial institutions, many of the smaller financial institutions and businesses within our districts seeking to leverage this program have found themselves unable to receive enough guidance to implement a loan product or access the program. As a result of this, small businesses may be forced to lay off their workforce during the coronavirus (COVID-19) pandemic—precisely the effect this provision of law sought to prevent.”

With the passage of the $2.2 trillion CARES Act last month, the administration has been working diligently to ensure American small businesses can access more than $350 billion in small business loans afforded by the legislation. While some of the larger, more prominent financial institutions have been working directly with the administration to administer the rules of the PPP, smaller financial institutions in Cleaver’s district and across the country have been left without proper guidance to dispense these loans to small businesses, leaving many small business owners anxiously awaiting these critically-needed funds.

Cleaver and Clay are calling for a national hotline to be created so that financial institutions and small businesses can get their questions about the PPP addressed in a reasonable time. As the hotline is being created, the lawmakers has asked for the SBA and Treasury to immediately brief Members of Congress about the lending program so members can relay more information to financial institutions and small businesses in their districts.

You can find Cleaver’s official letter attached.
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Developing . . .

12 comments:

Anonymous said...

These programs should have been up and running back in February. Hope there is some accountability and glad SOMEBODY is doing something. Drilling down to get the information is important. Thank you for linking the KMBC article as well.

Anonymous said...

^^^ +1

Yes, more important than debating miracle drugs or TV ratings.

Anonymous said...

Give me some money. It's bullshit that because I made over 100,000 that I can't get a free stimulus check

Anonymous said...

End the shutdown.

Anonymous said...



I ain't voting for no tax increase so fire fighters can scratch their balls while playing horseshoes all day.

Anonymous said...

USA Today reports that Republican Govenor Arnold Schwarznegger and then Republican New York City Mayor Bloomberg built a stockpile of ventilators and masks in anticipation of a pandemic for their densely populated areas.

Their Democrat Party successors auctioned off the stockpiled ventilators and masks to use the funds for other purposes.

Obama Administration also failed to restore the country's stockpile of masks and ventilators after H1N1.

But hey don't let the facts get in the way, spread fake news about President Trump.

Anonymous said...


Cleaver needs to pay his outstanding property taxes on his car wash businesses.

Retro ROCKER said...

This is Wallstreets,assault on main street. Wallstreet gets bailed out to the tune of Trillions. But main street needs an act of Congress. Wallstreet wants to get rid of small businesses .They want all the Money. They know small business don't have the Money to weather the storm. You will be having taco Tuesday at Taco Bell.

Retro ROCKER said...

Tonys Readers it doesn't matter what side you are on left or right .Start a movement. Don't do Business with Wallstreet or multi,,national companies unless,you have to. Support small business.

Anonymous said...

Ummm, partisan dipshit,... According to your own stated facts Trump also failed during 3 long years in office to restore the stockpile.

So weird it was All Obama's fault that Trump sat on his thumb for 3 years.

Anonymous said...

Waah! All-night TDS at 1:13 stamping their feet!

Anonymous said...

Wall Street, you mean Ford Motor, Cerner, Evergy etc. - major corporations in KC listed on Wall Street that employ hundreds of thousands in KC paying good wages and benefits?

Big corporations are goid for America.

Goldman Sachs etc should not be bailed out as they are pariahs on the economy like lawyers are.