Congressman Fred Keller applauds success of Paycheck Protection Program as local PA bank participates in White House event
Washington, D.C. – Congressman Fred Keller (R-PA) on Tuesday applauded the success of the Paycheck Protection Program, the small business relief measure created in the CARES Act that was reauthorized last week by Congress, as central Pennsylvania-based financial institution Orrstown Bank was one of several success stories highlighted during a roundtable with President Donald Trump at the White House today.
“Throughout Pennsylvania’s 12th Congressional District, we have heard remarkable success stories of small businesses being helped by the Paycheck Protection Program. We all know the best form of economic stimulus is a job, and this program has been vital in keeping small businesses open and keeping folks hired while we work to get through this national emergency. If used for employee salary, business mortgage interest, business rent, or business utility expenses, the Paycheck Protection Loans can become forgivable, essentially turning them into a grant.
“As President Trump highlighted today by inviting central Pennsylvania’s Orrstown Bank to share its success story, one of the most significant parts of the Paycheck Protection Program is that it allows businesses to apply directly to their local banks for the loans, cutting down on red tape.
“Now that Congress has appropriated more money for this program, I look forward to hearing about the continued success of small businesses and financial institutions working together as we unite purposes to defeat COVID-19 and re-build the strongest economy the world has ever known.”