Congressman David Scott voted today to pass H.R. 7010, the Paycheck Protection Program Flexibility Act, to quickly fix urgent issues with the Paycheck Protection Program (PPP) facing small business owners in Georgia and across the U.S. as a result of the coronavirus. The bipartisan bill passed in the House by a vote of 417-1.
“I have heard from dozens of small business owners across the Thirteenth District who have reached out to my office for federal relief to overcome severe economic challenges caused by the coronavirus,” said Congressman Scott. “Our small businesses are hurting and need help now to survive this pandemic. Over 113,000 small businesses in Georgia have secured Paycheck Protection Program loans to keep their workforce employed during the coronavirus crisis. I’m proud to support a bill that will enable many more vulnerable small businesses, especially minority-, women- and veteran-owned businesses, to access PPP loans by providing much needed flexibility to the program.”
The bipartisan Paycheck Protection Program Flexibility Act will increase flexibility and access to PPP loans 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.