Press Releases

WASHINGTON D.C. — Rep. French Hill (AR-02) released the following statement after signing a discharge petition to hold a vote on the House Floor to extend the Paycheck Protection Program (PPP):

"Today, I’m signing this discharge petition to force Speaker Pelosi to hold a vote on H.R. 8265 on the House Floor and stop holding workers hostage. I am committed to doing the right thing and standing up for people who are simply trying to make an honest living. H.R.8265 extends the PPP program allowing our restaurants, small hotel owners, and other small businesses to keep benefiting from the program and potentially get a second opportunity to take advantage of the program. I urge my friends across the aisle to join with House Republicans and move the PPP extension into the Senate and to the president's desk."

Background on the Paycheck Protection Program:

The Paycheck Protection Program is an emergency loan program originally created by the CARES Act. The program provides forgivable loans up to $10 million to small businesses left financially distressed by the Coronavirus (COVID-19) pandemic. The loans are administered at the local level by a national network of banks and credit unions. They are designed to maintain the viability of millions of small businesses struggling to meet payroll and day-to-day operating expenses.

The loans, which are 100% backed by SBA, are provided to small businesses without collateral requirements, personal guarantees, SBA fees, or credit elsewhere tests. Those eligible for the program include small businesses, certain non-profits, veterans’ organizations, self-employed individuals, independent contractors, and others.

The maximum PPP loan amount is 2.5 times your average monthly payroll costs. The loan will be forgiven in full if the borrower meets certain conditions for how the funds are used. Borrowers have 24 weeks to spend the funds before applying for forgiveness.

The PPP has helped keep 51 million Americans employed. 

In Arkansas alone, 43,000 small business owners have been able to keep tens of thousands of Arkansans on payroll and families supported thanks to over $3.3 billion in PPP loans.

Click here to learn more about the program.