New York City - Today, Congressman Jerrold Nadler held a press conference to discuss the introduction of the Low-Revenue Recipient Paycheck Protection Program Relief Act. He was joined by Rep. Carolyn Maloney, Manhattan Borough President Gale Brewer, local elected officials, and small business owners. Below are the Congressman’s remarks:

“First, I want to thank you all for being here today in support of our small businesses. I am proud to be joined by Chairwoman Maloney, Borough President Brewer, Senator Kavanagh, Assembly Member Glick, and Councilman-Elect Christopher Marte. I am thankful for their work to assist New York City’s small businesses and for their support of the Low-Revenue Recipient Paycheck Protection Program Relief Act. I am also grateful for all of the small business owners and employees that have come out today to support this important legislation.

“Small businesses are the lifeblood of New York City’s economy. Of the over 200,000 businesses located in the city, approximately 98 percent have fewer than 100 employees, and 89 percent have fewer than 20 employees. 

“To address the unprecedented challenges facing small businesses across our country, Congress passed the CARES Act and created the Paycheck Protection Program. While this program has saved thousands of small businesses from permanently closing their doors, the one-size-fits-all, short-term nature of PPP was not sufficient for businesses operating in places that became major epicenters of the COVID-19 pandemic. The point of PPP was to provide forgivable loans to small businesses to save jobs and livelihoods.

“PPP gives small businesses up to 24 weeks after receipt of the loan to spend money of forgivable expenses. As this pandemic continues, it has become more and more apparent that 24 weeks is simply insufficient. Many small businesses across the nation, particularly in New York City, had to remain closed or nearly closed for up to 15 months. This was especially devastating for our city’s restaurants.

“I am proud that this legislation will ensure these small businesses are eligible for loan forgiveness that they would otherwise be excluded from due to prolonged pandemic closures and restrictions. It will ensure that no PPP recipients are left behind, and it will help keep businesses open and out of debt.