Sen. Lankford discusses Paycheck Protection Program fight as funds run low

OKLAHOMA CITY (KOKH) — More than a million small businesses across the United States have used the Paycheck Protection Program amid the coronavirus pandemic. In Oklahoma, banks have funded more than 26,000 loans to small businesses, totaling about four billion dollars.

But now the nearly $350 billion allotted by Congress as part of the CARES Act is running out. Oklahoma Senator James Lankford says the program could be dry by Wednesday night.

"We think it will. No one knows exactly until they get to the last bit of it," said Lankford via a FaceTime call Wednesday night. "Republicans and Democrats all agree we should extend the Paycheck Protection Program."

Sides may be in agreement on that, but right now the program isn't being filled. Last week, Democrats blocked an additional $250 billion to the PPP, looking to also fill other programs that are running low.

"Democrats also want to extend a whole different group of programs and change some of the ways the PPP runs by targeting certain banks and certain places and things," says Lankford.

The problem, Lankford says, is that lawmakers are not in Washington to debate any sort of large package. Right now, lawmakers are passing funding by unanimous consent, meaning every lawmaker has to agree or the plan won't go through. Passing a full package of funding like that is unlikely to get 100 Senators to vote 'yes.'

"We've just said let's extend it, we're not there to debate it. We know we all agree on it. We agreed on it two weeks ago. Let's do the part we agree on so we can keep this moving," said Lankford.

Lankford says the Senate will have a "Pro Forma" session tomorrow, where Majority Leader Mitch McConnell will again try to pass a straight extension of the PPP by unanimous consent.

The senator also touched on the possibility of a 'Phase 4' coronavirus stimulus package. It's not something he likes, or thinks is needed right now.

"I am concerned there's talk of a fourth bill. And that fourth bill would be another giant bill. We don't need another giant bill, we need to be able to resolve the things we didn't resolve in the last bill," said Lankford. "All the things being spent right now do have to be paid at some point. And so the challenge is some people say 'well the need is big, let's just spend unlimited amounts of money.' No family does that, no businesses do that. We can't just do unlimited spending and assume that never has to be paid back."

Finally, Sen. Lankford touched on the question he's been getting most: the federal stimulus checks. Lankford says anyone with questions can go on the IRS' website. There you can track your payment, or submit information to make sure your money gets to you.

He also shot down a rumor that the $1,200 payments are just an advance on next year's tax returns. Lankford says they are not.

"That's a rumor. That is completely not true," says Lankford. "The way the IRS processed these checks is they gave an advance on the 2020, because their system is set up to be able to do that. They can do it faster. But it's not actually taking from your tax refund return for 2020. That's just the system they use to be able to do it."