Today House lawmakers approved the Paycheck Protection Program Flexibility Act, a measure that will modify the Paycheck Protection Program to address the concerns of small businesses. Introduced by Rep. Chip Roy (R-Tex.) and Rep. Dean Phillips (D-Minn.), the bill is expected to pass the Senate as early as next week.
The Paycheck Protection Program Flexibility Act would:
- extend the forgiveness period for PPP loans from eight to 24 weeks,
- reduce payroll spending requirements from 75% of loan funds to 60% of loan funds, giving businesses more flexibility in deciding how to allocate the emergency funds, and
- extend a June 30 deadline to hire workers back.
“As we work to get America open again, we’ve got to be mindful of the fact that times are continuing to move on, and these businesses are struggling and they can’t meet some of these restrictions and deadlines,” Rep. Roy said.
United Motorcoach Association President/CEO Larry Killingsworth called the measure “a small step in the right direction. We are hopeful the Senate will pass it next week, then move forward quickly with longer term solutions for the motorcoach industry. We will need them.”
