Congressman Veasey (TX-33) Hails Passage of Paycheck Protection Program Flexibility Act
Legislation Helps Workers and Small Businesses, Improves Paycheck Protection Program
WASHINGTON, DC – On Thursday, Congressman Marc Veasey (TX-33) joined his colleagues to pass a critical, bipartisan bill to deliver further relief for Texas small businesses. The Paycheck Protection Program Flexibility Act (H.R. 7010) solves urgent issues with the Paycheck Protection Program (PPP) facing small business owners in Texas and across the country who are struggling the most as a result of the coronavirus.
The bipartisan PPP Flexibility Act will increase flexibility and access to PPP loans including by:
- Allowing forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;
- Increasing the current limitation on nonpayroll expenses (such as rent, utility payments and mortgage interest) for loan forgiveness from 25 to 40 percent;
- Extending the program from June 30 to December 31;
- Extending loan terms from two to five years; and
- Ensuring full access to payroll tax deferment for businesses that take PPP loans.
"I have been hearing from countless Texas small business owners in desperate need of assistance as the coronavirus crisis continues to exact a devastating toll on our economy," said Congressman Marc Veasey (TX-33). "The ongoing crisis requires us to provide urgently-needed fixes to the PPP program so that the most vulnerable small businesses, especially minority-, women- and veteran-owned businesses, have the flexibility to obtain the assistance they urgently need."
"This unprecedented coronavirus pandemic has inflicted a staggering toll on hard-working Americans," continued Congressman Veasey (TX-33). "The overwhelming scale of this health and economic crisis demands that we take decisive action to protect the health and safety of our communities and the economic well-being of workers and small businesses. I stand committed to doing whatever is necessary to get American small businesses and workers back on their feet. Communities across our country deserve no less."