By The Leader Staff
Rep. TJ Cox
Rep. TJ Cox

Valley Rep. TJ Cox, this week, released a statement calling for additional funding to support vulnerable small businesses after news that the U.S. Small Business Administration Paycheck Protection Program (PPP) has exhausted current funding levels.

“In order for the Paycheck Protection Program (PPP) to succeed, it must work for everyone,” said Cox. “Unfortunately, due to revisions forced by the Republican Senate, the program pays banks more to prioritize larger loans to a smaller number of borrowers. That allowed bigger businesses to vacuum up the lion’s share of the first $350 billion package before small businesses got a cent.”

Cox said that Republicans are spreading lies, suggesting Democrats are holding up a bipartisan compromise. “But this fight isn’t over funding PPP, it’s about prioritizing sole-proprietors, contractors and ‘mom and pop’ small businesses, the backbone of our Central Valley communities,” said Cox. “I think they deserve a break before Ruth’s Chris Steak House gets $20 million in loans.

“I am demanding that the next recovery bill prioritizes small businesses and municipalities, which have borne the burden of this crisis. If we don’t, the main streets in Central Valley communities will be gone for good.”