Torres Small Calls for PPP Improvements As New Mexico’s Small Businesses Continue to Seek Relief
Las Cruces, NM –This week, Rep. Xochitl Torres Small (NM-02) led a bipartisan effort with Representatives John Katko (NY-24), Abigail D. Spanberger (VA-07), and Elise M. Stefanik (NY-21), calling on U.S. Treasury and the Small Business Administration (SBA) to ensure full access to the Paycheck Protection Program (PPP) by allowing small businesses the opportunity and flexibility to seek loan increases if eligible.
“New Mexico’s small businesses are reeling. As they fight the economic impact of COVID-19 by finding creative ways to safely serve our communities, I’m fighting to support their efforts. That’s why I’m calling on the U.S. Treasury and the SBA to allow PPP loan recipients to increase their loans while funding remains available. This federal support has often served as the last line of defense for many of our small businesses – SBA must have our small businesses’ backs by providing full access to the loans we fought to secure,” said Torres Small.
This follows Torres Small’s continued efforts to improve SBA relief programs for New Mexico’s small businesses:
- Successfully advocated for increased PPP transparency, with SBA heeding Torres Small’s calls and releasing the names of companies that received PPP loans.
- Led bipartisan calls to give small businesses more flexibility to spend PPP funds, which resulted in SBA ultimately revising initial guidelines.
- Worked with New Mexico’s agriculture industry and the SBA to ensure PPP and EIDL eligibility includes farmers and producers.
Find the letter text here.