U.S. Rep. French Hill, R-Little Rock, announced plans on Thursday (April 8) to introduce a change to the Paycheck Protection Program that he touted would help small businesses impacted by the COVID-19 pandemic.
Hill said he was introducing the PPP Revenue Adjustment Calculation to Increase Capital Accessibility Long-Term, or the PRACTICAL Act, next week in Congress. In Arkansas, more than 14,000 businesses have received $4.6 billion through PPP funding over the course of the pandemic. Hill said it has helped save more than 375,000 Arkansas jobs.
Hill’s proposed change would alter how the second round of PPP funding is calculated from year-over-year revenue decreases to revenue based off a 90-day earning period rather than a set quarter calendar year.
The press conference was held at Taziki’s restaurant in Little Rock and included remarks from owner Jim Keet and Arkansas Hospitality Association CEO Montine McNulty.
“The PPP has been a necessary tool for struggling small businesses as they’ve weathered the unprecedented COVID-19 pandemic,” Hill said. “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,” Keet said.
“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,” McNulty said.