In the News

SPRINGFIELD, MA (WGGB/WHSM) -- The U.S. House of Representatives is voting on a multi-billion dollar stimulus bill designed to help struggling small businesses in the wake of the coronavirus shutdowns.

A critical part of the bill provides an additional $310 billion for the Paycheck Protection Program.

That Paycheck Protection Program was drained in about 12 days following the first coronavirus stimulus bill.

The big criticism is that large companies were applying for money that was intended for mom-and-pop shops.

Western Mass News spoke with Congressman Richard Neal a short time ago about how that program is now funded again with more protections from the treasury department.

“I’ve been through two wars, two speakers at the House being removed, a presidential impeachment and now a pandemic,” he said.

Debating through masks and voting in a staggered, socially distant manner, it’s impossible for lawmakers to forget the reason why they’re rushing to get a more than $450 billion stimulus bill to the president’s desk.

Western Mass News caught up with Neal in a video chat.

He said the coronavirus’s effect on the economy means more support for small businesses is crucial.

Neal commented on the most recent legislation.

“[It] will qualify $60 billion of those dollars to go to small business people through community banks, credit unions and community lending institutions,” Neal said.

Neal said small businesses looking to get money through the Paycheck Protection Program will have another chance, this time at a slice of a more than $300 billion pie.

For a program that previously went bankrupt in 12 days, Neal said he spoke with Treasury Secretary Steve Mnuchin to ensure large corporations will be held responsible if they try to get the funds meant for companies under 500 employees.

“For those who violate the spirit of the legislation, the treasury secretary and the treasury department -- they’re going to ask for the money back,” he said.

Neal said enforcement of this will come from the treasury department.

He said small businesses who had already applied for PPP when it was tapped don’t have to reapply.

Though this funding didn’t include a second round of direct payments to Americans, Neal said he knows a second cash infusion is needed.

“I’ve already begun planning with the ways and means staff over the speaker, and I have talked about it extensively,” he said.

For small businesses eager to get funds as quickly as possible, Neal said they should visit the Small Business Administration website and speak with their community bank or lending service.