The House in Washington, DC approved bipartisan legislation which would alter the Payroll Protection Program (PPP) and make it more accessible to the small businesses most in need of relief. The PPP Flexibility Act (HR 7010) would make overdue changes to PPP. Several items on the list are detailed below:
Allow small businesses to claim payroll forgiveness under PPP loans over a 24 week period, rather than 8 weeks,
Extend the PPP loan coverage period through December 31, 2020, rather than June 30,
Extend loan terms from 2 to 5 years.
“For many small businesses in Maine, the PPP’s 8 weeks of costs eligible for loan forgiveness is proving insufficient. the House has passed the Heroes Act and H.R. 7010 which give small businesses the flexibility they urgently requested.” said Congresswoman Chellie Pingree (D) in the press release. of H.R. 7010, which passed the House 417 to 1. “Small businesses should not be driven deeper into the red because of shortcomings with this loan program that can be easily fixed by Congress.”
The next move is on to McConnell’s Senate for its approval!