COVID-19: U.S. House may consider PPP reform stand-alone bill
WASHINGTON, D.C. – U.S. Rep. Dean Phillips (D-Minnesota) and U.S. Rep. Chip Roy (R-Texas) have introduced H.R. 6886, the Paycheck Protection Flexibility Act.
The bipartisan bill is aimed at making necessary changes to the Paycheck Protection Program (PPP) as business owners nationwide have expressed concerns with the program.
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 read the press release from Congressman Phillips, click here.