The Vinings and Metro Atlanta Business Associations sponsored a webinar Tuesday afternoon that featured Congressman Barry Loudermilk (R-11) who provided participants with information about the Paycheck Protection Program (PPP), a component of the CARES Act (Coronavirus Aid, Relief, and Economic Security).
Loudermilk, who represents Georgia’s 11th Congressional District, noted that he and his colleagues in Congress are practicing the same “social distancing” protocols that businesses and other organizations have implemented to reduce the spread of the Coronavirus.
Members of Congress are also working to assist constituents who have become stranded overseas while working or vacationing due to air travel limitations.
Loudermilk also said many members of congress and their staffs are working from home but maintaining contact and communications through “zoom” video conferencing meetings and conference calls.
“Information flow is slower, but we are still able to stay on top of developments that affect our constituents,” he said.
Loudermilk and his colleagues were involved in crafting the Paycheck Protection Program, which seeks to infuse liquidity into the economy.
“This is a stimulus program,” he explained, “which is not unlike others we have done in the past following disasters such as Hurricane Katrina. It took months to get that stimulus to communities, which resulted in massive unemployment.”
“We have implemented similar programs in times of war and other crises,” he added. “This crisis is different. We essentially shut down the economy. And the Administration has now engaged with the business community and banks to make loans to businesses they know. So far $50 billion in loans have been made, and we’ll be asking for $2 billion more, as banks have stayed open through the weekend to work with their customers.”
Some of these loans will turn into grants, and some businesses won’t need all that is available to them. The paycheck protection program will infuse $350 billion into the economy. Advances for economic disaster assistance loans of up to $10,000 are available for small businesses.
Loudermilk noted the Senate will be in pro-forma session, so the bill will pass with no objection, and an additional $200 billion will be added to the paycheck protection program.
“We went from historic lows in unemployment to historic highs in a number of days,” Loudermilk adds. “Thankfully, our free-enterprise system is working through this and helping people. ‘My Pillow’ is a company that make pillows, but it’s now utilizing its workforce to make masks. While some lenders are dealing with liquidity issues, others are processing requests for loans. Our citizens in the free enterprise system are stepping up. We will get through this, and we will be stronger as a nation.”
