Chip Roy’s “Paycheck Protection Flexibility Act” Passes Overwhelmingly In The House 

 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 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

PAYCHECK PROTECTION FLEXIBILITY ACT
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