Paycheck Protection Program Flexibility Act Backed
WASHINGTON — The Problem Solvers Caucus has endorsed the bipartisan Paycheck Protection Program Flexibility Act, legislation that will revamp some of the rules within the current Paycheck Protection Program, making it more accessible and equitable for small businesses looking to weather the current economic storm.
Problem Solvers, Reps. Dean Phillips, D-Minn., introduced the bipartisan Paycheck Protection Program Flexibility Act in the House of Representatives along with Fred Upton, R-Mich. The legislation received the caucus’ endorsement after more than 75 percent of the 50-member caucus agreed to support the bill. The House is expected to vote on the legislation tomorrow.
“This new bipartisan legislation is critical to making important fixes and providing new, essential flexibility to the PPP program that will help small businesses and jobs in my District,” said Problem Solvers Caucus Co-Chair, Josh Gottheimer, D-New Jersey. “More than 99% of businesses in New Jersey are small businesses. With our state at the epicenter of this pandemic, I’m working hard to get federal relief to our businesses and workers, so they can survive this economic crisis, recover, and grow.”
The Paycheck Protection Program Flexibility Act will create more flexibility for small businesses by:
¯ Extending the expense forgiveness period beyond the originally stipulated eight weeks;
¯ Adjusting the 75 percent-to-payroll requirement;
¯ Eliminating 2-year loan repayment restrictions;
¯ Prohibiting mutual exclusivity of PPP loans and payroll tax deferments; and
¯ Dropping the June 30 rehire deadline.
“As we continue to ensure the health and safety of Americans during this pandemic, it’s critical that we also continue to protect our small businesses and provide them with the support they need to get through these challenging times,” said Problem Solvers Co-Chair, Rep. Tom Reed, R-Corning.