UPDATE: Rep. Chip Roy’s Paycheck Protection Program Flexibility Act Passed in the U.S. House 417-1… Now the Senate MUST ACT!
The Paycheck Protection Program (PPP) is providing essential capital to millions of small businesses across the country. Unfortunately, for many of these business owners, particularly local restaurants, hotels, and those in the hospitality industry, the terms are too inflexible to provide the help they need to weather the economic storm.
PPP cannot protect jobs if workers have no job to return to after state and local lockdowns are lifted. After listening to business owners, I have introduced the Paycheck Protection Program Flexibility Act — bipartisan legislation to provide essential flexibility to PPP loans.
Time is of the essence. Many businesses are already four weeks into the loan and need this flexibility immediately before the forgiveness timeline runs out.
The Paycheck Protection Program Flexibility Act will:
1. Allow forgiveness for expenses beyond the 8-week covered period.
2. Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds.
3. Eliminate restrictions that limit loan terms to 2 years.
4. Ensure full access to payroll tax deferment for businesses that take PPP loans.
5. Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance.
Add Your Name as a Citizen Cosponsor of Rep. Chip Roy’s Paycheck Protection Program Flexibility Act Now: