WASHINGTON, D.C. —Reps. Chip Roy (R-TX) and Dean Phillips (D-MN) “Paycheck Protection Flexibility Act” passed the House overwhelmingly Thursday, by a margin of 417-1.
The Paycheck Protection Flexibility Act had a diverse list of national and regional organizations supporting its passage prior to Thursday’s vote.
The bill will solve many of the problems with the Paycheck Protection Program (PPP), a critical source of aid for small businesses during the coronavirus epidemic that has come under fire from critics in both parties.
“The Paycheck Protection Program (PPP) has helped many of them do just that, but I have heard from far too many business owners that the program, as it stood, needed changes to make it work for them. I didn’t want to see another local institution go out of business because Congress is more focused on politics than helping Americans who need it.
“Fortunately, our bipartisan bill puts Americans first and will ensure our favorite small business are around on the other side. I am thankful to my colleagues for their overwhelming support today, and I look forward to its swift passage in the Senate.” Rep. Chip RoyU.S Representative Chip Roy (R) Dripping Springs
The Paycheck Protection Program Flexibility Act will create more flexibility for small businesses
Extends the forgiveness period to 24 weeks
Replaces the 75/25 rule with a 60/40 rule
All new PPP loans will receive a 5-yr maturity. Existing loans will remain at a 2-year maturity.
Allows businesses that receive forgiveness to also receive payroll tax deferment
Ensures small businesses won’t be penalized by high unemployment benefits
Creates a safe harbor for businesses that are required to open at only 50 percent capacity
List of Texas organizations supporting the bill
- Physicians Realty Trust
- San Antonio Chamber of Commerce
- Texas Association of Business
- Texas Dental Association
- Texas Hotel and Lodging Association
- Texas Restaurant Association
- Texas Retailers Association
Select List of Organizations in Support of the Bipartisan Payroll Protection Program Flexibility Act
• US Travel Association