So how has our congressional district done in obtaining PPP funding to save jobs, as compared to Ohio’s other 15 congressional districts? According to the SBA‘s recently published numbers, very well indeed. We are at the top of the list – in every category.
1. Number of jobs saved: our district was number 1. Over a quarter-of-a-million jobs in our district (256,192 to be exact) were saved. That’s approximately one of every two jobs. And connected to that job, in most cases, is a family. So the number of people’s lives positively impacted, has been truly extraordinary.
2. Number of small businesses helped: our district again, was number 1. 17,652 small businesses in our community received a PPP (Paycheck Protection Program) loan. Without those loans, many of those small businesses would have had to close shop, and never reopen. That owner’s lifetime dream would have been shattered, and their employees would have had to seek out somewhere else to try to support their family. Now those businesses have at least a fighting chance to make it through the COVID-19 pandemic.
And 3. Total PPP dollars received by small businesses – again, our congressional district was at the top of the list. Nearly $3 billion came to small businesses in our congressional district ($2,905,091,675.37 to be exact.) The majority of this money went directly to people – to the employees of the small businesses they work for. The loans are forgivable, as long as 60% of the loan is used for payroll – the remaining 40% can be used for rent, interest on mortgage, or utilities.
Chairwoman Nydia Velázquez
So what role did YOUR congressman play in the creation of the PPP program? You may be aware that I am the Lead Republican (Ranking Member) of the House Small Business Committee. In the previous two Congresses, I was the Chairman of the committee, but of course we had a “change in management” as a result of the last election, and the Democrats took over the House. Fortunately I have a very good working relationship with the Democratic Chairwoman of the committee (I treated her well when I was Chairman and she was the Ranking Member.) So we work very well together, and get a lot done. When it came to addressing the challenges America’s small businesses were facing with the COVID-19 pandemic, we were a bipartisan team. My staff and I worked very well with the Democratic Chairwoman (Nydia Velázquez of New York) and our counterparts in the Senate, to craft the PPP, which we successfully got included in the Cares Act, which both the House and Senate passed, and President Trump signed into law.
Was it perfect? Of course not. Some people got loans who probably shouldn’t have – like the LA Lakers. And it certainly wasn’t glitch free – the SBA online portal crashed early on (because of the high demand.) And the program ran out of money in two weeks (again because of the huge demand.) But it was bipartisan (Republicans and Democrats working together); it was a much-needed shot-in-the-arm to an economy that was literally on the brink; and it has given many small businesses, and their employees, a chance.
And for people here in the First District of Ohio, the people I have had the honor of representing for quite some time now, we have benefited tremendously from this vital program. We have received more money, and saved more small businesses, and most importantly, saved more jobs so people can continue to support their families, than any other congressional district in Ohio. And that’s what it’s all about.