Portman Visits Tipp City Business, Highlights the Benefits of Paycheck Protection Program
TIPP CITY, OH – Today, U.S. Senator Rob Portman (R-OH) visited Bruns General Contracting and met with company leadership and employees to discuss the benefits of the Paycheck Protection Program (PPP) loan made possible thanks to the bipartisan CARES Act, which Senator Portman supported and was signed into law by President Trump. Bruns Construction Enterprises, an Employee Stock Ownership Plan (ESOP), received a PPP loan and was able to keep workers on payroll and continue operations at their Bruns General Contracting division and area job sites.
“I had a great visit this afternoon with the leadership and employees at Bruns General Contracting to discuss how the PPP helped small businesses across the country survive the early months of the coronavirus pandemic. This pandemic is not just a serious health crisis, but it is also having a serious impact on Ohio’s economy. I was pleased to hear that Bruns was able to use their PPP loan to help keep their workers on payroll, with their health care and other benefits, during this unprecedented time,” said Portman. “One of the big goals of the CARES Act was to ensure our businesses can stay afloat during the coronavirus pandemic. The fact that millions of American small businesses have taken advantage of this important benefit is further proof that the program is working.”
The Paycheck Protection Program, created in the CARES Act, provides loans that effectively become grants if the borrower satisfies the forgiveness requirements in their spending of the loan proceeds. To receive full forgiveness, the borrower must spend no less than 60 percent of the loan proceeds on payroll costs and no more than 40 percent of the proceeds on non-payroll covered costs.
Photos from the visit are below.