Congressman Schweikert Supports Passage of Paycheck Protection Program Flexibility Act

May 28, 2020
Press Release

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.”

Background:

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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