According to U.S. Representative Ross Spano (R-FL), more than 68,000 jobs in his District 15 were “saved” by Paycheck Protection Program loans through the CARES Act. The opportunity to help even more employees stay financially secure has arisen.
Spano believes chambers of commerce like Plant City’s should be able to get PPP loans, too, so he introduced H.R. 7397 on June 30 to get the ball rolling on an amendment to the CARES Act enacted in March. Spano’s bill is a companion to the Senate’s S. 3992 bill promoted by Republican senators Marco Rubio and Ted Cruz. Spano said even without leaders of his district’s chambers of commerce speaking to him about the issue, he felt including them is “vitally necessary” to help small businesses reach their highest potential.
“I was a small business owner for 15 years before Congress,” Spano said. “I was a member of different chambers, I served on a board… I know the role small-town chambers play in the community firsthand. After all this COVID-19 madness came down, we knew small businesses were hurting and then we found out chambers were hurting just as much. They have a symbiotic relationship, so that made sense. If businesses can’t keep their employees, they won’t be able to continue to participate with chambers. If local chambers go under, small businesses won’t be able to get that support.”
The Greater Plant City Chamber of Commerce is one of four in District 15 that publicly endorsed H.R. 7397.
“(Spano) has seen firsthand the tireless work of chambers across the country and the tremendous impact we are having in our communities,” Christine Miller, Greater Plant City Chamber of Commerce President and CEO, said in a press release. “This bill will provide much-needed relief for our organizations, allowing us to continue to fight for our businesses and a strong economic comeback.”
Since it was signed into law on March 27, the Paycheck Protection Program has led to the Small Business Administration issuing more than 4.8 million loans to help save more than 50 million jobs nationwide. In District 15, Spano said, 6,900 businesses have gotten PPP loans totaling $457 million. His office is currently breaking down the numbers on a city-by-city basis. Though Plant City-specific data is not yet available, Spano estimates “at least hundreds of businesses” and “thousands of jobs” in town benefited from PPP loans.
Early in the CARES Act’s existence, Spano said, there were concerns there wouldn’t be enough resources to help both businesses and chambers of commerce, which led to chambers being left out of the act. As of Monday, Spano estimated there was still roughly $130 billion available and said it’s “apparent we have resources necessary to help these chambers of commerce.”
Though H.R. 7397 has not yet been passed, another of Spano’s requests has been granted. The deadline for businesses to apply for PPP loans has been extended through August 8. Business owners can visit Spano’s website, spano.house.gov, to get a copy of the application, view a list of participating lenders and get more information.