Almost from the day the $670 billion Paycheck Protection Program was announced, restaurant owners have been complaining that it doesn’t work for their industry. Congress has clearly heard them.
Last week, Reps. Dean Phillips (D-Minn.) and Chip Roy (R-Tex.) introduced the Paycheck Protection Flexibility Act, which would extend the period in which small businesses can use the money and ease restrictions on the amount they can spend on non-payroll expenses such as rent. House Speaker Nancy Pelosi (D-Calif.) signaled that she would be willing to hold a vote next week on the act, a shift from her recent strategy to focus only on major coronavirus relief bills, according to a Politico report. The effort appears to have bipartisan support in the House and Senate as a quick fix to the Small Business Association program that has drawn widespread criticism from restaurateurs whose PPP money would convert to a two-year loan if they don’t follow the terms of the program.