Press Releases

Little Rock, AR – Today, Rep. French Hill (AR-02), held a press conference to announce plans to introduce the PPP Revenue Adjustment Calculation to Increase Capital Accessibility Long-Term, or the PRACTICAL Act, next week. The press conference was held at Taziki’s in Little Rock, Arkansas, and included remarks by Rep. Hill, Jim Keet (Chairman, JTJ Restaurants, LLC.), and Montine McNulty (CEO, Arkansas Hospitality Association). Additionally, Gretchen Hall, CEO of Little Rock Convention Center, also attended expressing her support.

“The PPP has been a necessary tool for struggling small businesses as they’ve weathered the unprecedented COVID-19 pandemic. In fact, more than 14,000 businesses in Arkansas have received $4.6 billion and through the program have helped save more than 375,000 jobs,” said Rep. Hill. “I’d like to thank Jim Keet for bringing this idea to me, and I’m looking forward to introducing this bill next week so that our small businesses will continue to get the help they deserve. Small businesses are the lifeblood of Arkansas and I am honored to be able to advocate for them in Washington, D.C.”

“We appreciate Congressman Hill’s efforts to amend the PPP law. This amendment will help countless businesses qualify for assistance that they desperately need while still being consistent with the original intent of the law,” said Jim Keet.

“Congressman Hill has been invaluable to our industry during this pandemic. His duel working knowledge of banking and business have been critically important to really good communication. The Congressman’s accessibility and his ability to really listen is providing another practical solution to improve PPP and make it more valuable to all businesses that are hurting,” said Montine McNulty.

Rep. Hill and Jim Keet at today's press conference

Further Background:

The PPP has been an important and necessary tool for many struggling businesses across Arkansas and America.  In Arkansas, more than 14,000 businesses have received $4.6 billion and through the program have helped save more the 375,000 Arkansas jobs. 

However, some small businesses are currently at a disadvantage with how the program is set up because of how a business must show its year over year revenue decrease.

The PRACTICAL Act would clarify that small businesses that are eligible for the second draw PPP can calculate their revenue based off a 90-day earning period rather than a set quarter calendar year.