NSBA Applauds Passage of Paycheck Protection Flexibility ActMay 28, 2020
FOR IMMEDIATE RELEASE
May 28, 2020
Washington, D.C. – Earlier today, the U.S. House of Representatives approved the Paycheck Protection Program Flexibility Act (H.R. 7010) which will provide thousands of small businesses with meaningful relief as they struggle to survive the long-term effects of the COVID-19 pandemic. The National Small Business Association was an ardent supporter of the legislation and thanks the House for passing this critical bill which will make necessary fixes to the Paycheck Protection Program (PPP), enacted by the CARES Act.
Below is a statement from NSBA President Todd McCracken.
“I want to personally thank Reps. Dean Phillips (D-Minn.) and Chip Roy (R-Texas) for their leadership on this legislation and their bipartisan efforts to address some of the biggest problems with the PPP.
“This legislation includes many reasonable tweaks including extending the rehiring deadline for loan forgiveness from 8 to 24 weeks, lengthening the loan maturity date from 2 to 5 years and lowering the payroll forgiveness requirement from 75 percent to 60 percent.
“These common-sense tweaks to a massive funding program will simply provide small businesses with the flexibility they need to weather this ongoing storm, and we urge the Senate to act soon on companion legislation.
“It is not just the survival of the business that is impacted but the livelihoods of their employees, their families and the communities they serve all now face serious problems related to the COVID-19 pandemic. H.R. 7010 makes necessary fixes to ensure the government relief works.”
Celebrating more than 80 years in operation, NSBA is a member-driven nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA’s 65,000 members represent every state and every industry in the U.S., and we are proud to be the nation’s first small-business advocacy organization. Please visit www.nsba.biz.