Providing Flexibility for Small Businesses During Pandemic, Balderson Legislation Passes House
Washington,
May 28, 2020
WASHINGTON – Bipartisan legislation co-authored by Congressman Troy Balderson (R-OH) cleared a key hurdle today as it passed the U.S. House of Representatives. The Paycheck Protection Program Flexibility Act would restore certain terms of the Paycheck Protection Program (PPP) to Congress’ original intent under the CARES Act, providing more flexibility for PPP loan spending decisions and to use and repay these loans on an appropriate schedule.
“Small business owners are working hard to safely and swiftly reopen and rehire,” said Kevin Kuhlman, the National Federation of Independent Business Vice President of Government Relations. “They are doing all that they can to support their employees and ensure that they are in full compliance with the provisions of the Paycheck Protection Program loan terms. The Paycheck Protection Program Flexibility Act of 2020 grants small business owners urgently needed flexibility by extending the loan forgiveness period and reducing the payroll limitation of the program. We thank Congressman Balderson for his work on this legislation, and we urge the Senate to act quickly to consider it.” ### |
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