More Flexibility for Small Businesses
Today, the House passed the bipartisan Paycheck Protection Program Flexibility Act. This act addresses the ongoing needs of America's small businesses by making it easier for them to recover.
- Extends the forgiveness period from 8 to 24 weeks
- Provides additional flexibility for businesses’ overhead expenses
- Creates a longer repayment timetable
- Ensures businesses that have received a loan can defer payroll taxes
With the passage of this act, small businesses across America will have more time to use their Paycheck Protection Program funds, and more choice in how they use them. This bill will keep businesses open and put Americans first, and I was proud to support it.
However, more work needs to be done to make sure essential workforces – like local Chambers of Commerce – are included in the Paycheck Protection Program.
To learn more about the Paycheck Protection Program’s success, click here.
To find a list of eligible local lenders, click here.
Have questions? Check out the Treasury Department’s updated FAQ document here.