ICYMI: Guthrie Votes to Protect Small Businesses
Washington, May 29, 2020
Tags: Jobs and the Economy
WASHINGTON, D.C. – Congressman Brett Guthrie (KY-02) this week voted in favor of the Paycheck Protection Program Flexibility Act (H.R. 7010).
The Paycheck Protection Program (PPP) was initially established in the CARES Act to help small businesses continue to pay employees during the coronavirus pandemic. The PPP originally provided eight weeks of cash-flow assistance and required that businesses use 75% of the loan on payroll costs to be eligible for loan forgiveness.
The Paycheck Protection Program Flexibility Act would extend the forgiveness period from eight to 24 weeks to accommodate businesses in various stages of reopening, and it would lower the payroll requirement to 60% of the loan.
“As the PPP is being used by small businesses around the country, it has become clear that businesses have differing needs,” said Guthrie. “Sadly, many businesses will not be able to fully reopen within eight weeks, and others may not costs unrelated to payroll that they need to keep their businesses afloat. The bipartisan PPP Flexibility Act will allow these businesses to stay open during this trying time. I urge the Senate to pass this commonsense legislation as soon as possible.”
Guthrie voted to establish the PPP in the CARES Act, as well as to extend funding for it in the PPP and Health Care Enhancement Act.
Specifically, the PPP Flexibility Act would: