Congressman Shimkus reacts to AP Report on Paycheck Protection Plan providing relief to some less-than-small businesses

Congressman Shimkus reacts to AP Report on Paycheck Protection Plan providing relief to some less-than-small businesses

ILLINOIS (WITHERS BROADCASTING/WMIX) — Congressional leaders passed a motion to refill the Paycheck Protection Plan with $310 billion dollars on Thursday. The plan was designed to provide payroll relief for small businesses which typically have less access to quick cash and credit.

An Associated Press investigative report has found the plan has actually helped companies much larger than for which the bill was intended. In total, AP says there were 75 companies who collectively received $300 million and were also publicly traded. Some of these companies have market values well over $100 million.

Congressman John Shimkus (R-15th District) says although this is true and unfortunate, the businesses did meet the requirements of the application. Congressman Shimkus says those particular businesses made up a less than 1% portion of the total applicants who received relief.

Congressman Shimkus hopes the refilling of the plan will help those who may have got denied the first time.

To see if your business or organization would qualify for assistance, contact your banking institution. See the full AP Report here.

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