Washington, DC (June 3, 2020) — Today, the Senate passed the PPP Flexibility Act. The legislation reforms the Payroll Protection Program (PPP), which provides much-needed loans to small business owners. President Trump will sign the bill into law, with the House having already passed it last week.
“At such a difficult time in our nation’s history, it’s encouraging to see Congress work together in a bipartisan way on behalf of America’s small business community. The PPP is a true bipartisan success story, with the Administration and Congress sharing credit for a program that has saved more than 50 million jobs and counting. With the eight-week loan forgiveness deadline coming up for those who received early loans, and with many states still in the early stages of reopening, Congress needed to step up and they did. The PPP Flexibility Act expands the loan forgiveness period from eight weeks to 24 weeks, reduces the requirement that 75% of the loan be spent on payroll to 60%, and extends the program through the end of this year. While not perfect, this bill will be an immense boost to small business owners who operate in states that are unlikely to fully reopen anytime soon. Small business owners shouldn’t bear the cost for government-imposed lockdowns. They want to keep their lights on and keep their employees on the payroll. The PPP Flexibility Act helps them do that, potentially saving millions of jobs.”