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Representative Jayapal on the Paycheck Recovery Act

By Jacob Wolinsky. Originally published at ValueWalk.

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Representative Jayapal on why the Paycheck Recovery Act works both for workers and Small businesses


Q1 2020 hedge fund letters, conferences and more

Speaking directly with Main Street Alliance small business members last Thursday, Representative Pramila Jayapal laid out both what already exists in relief packages for small businesses as well as what she and her progressive caucus colleagues are pushing for to include in upcoming packages.

From challenges accessing PPP loans to adapting to a pandemic resilience business strategy, Rep. Jayapal went into details of her recently introduced Paycheck Receovery Act, what it would mean for small businesses, and why it’s key to addressing the scope and scale of the crisis.

Watch the full remarks.

Key Quotes from the Call:

On the Urgency Needed:

Representative Jayapal

“We are at a crucial crossroads in our efforts to try to stabilize the economy and put it in to some sort of a holding pattern as we try to solve the public health crisis. And those two things are deeply interconnected because if you want to beat the virus we need to keep people home until we have the contact tracing and testing in place.”

“We have to continue to push for the Senate to also pass relief. But let’s be clear, it’s not about the size of the package, it’s about does it provide real relief to workers who are unable to get through the unemployment system, to folks of color, who are going to be disproportionately burdened coming out of the unemployment system, and to small and medium sized businesses who desperately need the government to have your back right now.”

Amanda Ballantyne, Executive Director, Main Street Alliance:

“This is an approach that I think has a chance of saving our economy and would prevent us from being in a 10-year crisis. It’s an important and critical piece of the agenda that Main Street Alliance is pushing for small business because we understand the tremendous implications of the unemployment numbers and the role that small business can play in pulling our economy back on track.”

On Unemployment:

Representative Jayapal:

“Mass employment is a policy choice. It’s a bad policy choice. And it’s not one that many countries around the world have taken.”

Amanda Ballantyne, Executive Director, Main Street Alliance:

“There are two important elements we need to understand about this legislation. It is to help businesses retain their workforces so that they can come back to work more quickly, and it’s also to prevent mass unemployment in our economy which will be a tremendous drag on our economy for the next five to ten years, if we don’t reign it in now.”

On Small Business Needs:

Representative Jayapal:

“We’re trying to give you both stability and certainty, and scale.”

“We need to have your backs not just for two months or three months, we need to have your backs through the whole time of recovery, otherwise we are not giving you the certainty that you need as businesses and workers.”

Amanda Ballantyne, Executive Director, Main Street Alliance:

“One of the features of this provision that is most important right now… it’s a direct flow of funding to a business. It’s simple, it’s easy and it creates a level of certainty because the program can be extended for as long as it may be needed in an area. It allows businesses to do their part in maintaining their payroll with much less risk and much more certainty.”

The post Representative Jayapal on the Paycheck Recovery Act appeared first on ValueWalk.

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