WASHINGTON, DC -- Today, the U.S. House of Representatives passed the bipartisan Payroll Protection Program (PPP) Flexibility Act. Congressman Rogers voted for the legislation and released the following statement about the support it provides for small businesses and job protection.
"It is worth our every effort in Congress to protect as many jobs as possible through our nation's economic recovery from the widespread impact of the coronavirus pandemic," said Congressman Rogers, a senior member of the House Appropriations Committee. "This bipartisan bill strengthens an already successful program for our small businesses, extending coverage, lifting restrictions and increasing loan forgiveness. As our small businesses rebound and as family incomes are stabilized, the recovery of our entire nation will steadily grow."
The PPP Flexibility Act will increase flexibility and access to Payroll Protection Program 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.
The legislation now moves to the Senate for consideration.