WASHINGTON, DC – Today, Congressman Schweikert joined colleagues in passing the bipartisan Paycheck Protection Program (PPP) Flexibility Act to help solve problems with the PPP, a critical source of aid for small businesses during the coronavirus epidemic.
“The Paycheck Protection Program has provided Arizona businesses with much-needed peace of mind during the COVID-19 pandemic. Going forward, we must ensure the program’s rules provide flexibility for businesses to best support their employees and operations. I was proud to co-sponsor and vote for this bipartisan legislation that will improve the program by making it easier for business owners to support their business, their employees and our economy.”
The Paycheck Protection Program Flexibility Act will make the following changes for small businesses:
- Extending the expense forgiveness period from eight weeks to twenty-four weeks
- Reducing the 75 percent payroll ratio requirement
- Eliminating 2-year loan repayment restrictions for future borrowers
- Allowing payroll tax deferment for PPP recipients
- Extending the June 30 rehiring deadline
This legislation is supported by over 50 trade associations representing America’s small businesses.
Full text of the legislation can be found HERE.
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