COVID-19: U.S. House considers PPP reform ‘stand-alone’ bill
WASHINGTON, D.C. – U.S. Rep. Chip Roy (R-Texas), along with Congressman Dean Phillips (D-Minnesota), Congressman Tom Emmer (R-Minnesota), and Congressman Fred Upton (R-Michigan), introduced H.R. 6886, the Paycheck Protection Flexibility Act.
The bipartisan bill will make necessary changes to the Paycheck Protection Program (PPP) as business owners nationwide have expressed concerns with the program.
Congressman Roy stated, “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.”
The legislation will:
- Allow forgiveness for expenses beyond the 8-week covered period.
- Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds.
- Eliminate restrictions that limit loan terms to 2 years.
- Ensure full access to payroll tax deferment for businesses that take PPP loans.
- Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance.
To view the bill text, click here.
To read the press release from Congressman Phillips, click here.
To read the press release from Congressman Roy, click here.