Delgado Backs Bill
That Puts Flexibility
Into PPP Assistance
Congressman Antonio Delgado, R-19, today voted with a bipartisan coalition to add flexibility to the Paycheck Protection Program (PPP) and make this tool more accessible to upstate businesses in need of assistance, his office announced.
Established in the bipartisan CARES Act, PPP provides small businesses and other entities loans of up to $10 million. These cover payroll and other operating expenses, and PPP is designed so loans are forgiven if the business retains its employees and their salary levels.
The bipartisan Paycheck Protection Program Flexibility Act extends the loan forgiveness requirements and rehiring deadline so that the PPP works better for small businesses in need of assistance.
“I continue to hear from small businesses on my Small Business Advisory Committee about the need for additional flexibility in the Paycheck Protection Program,” he said, “and I’m glad to join in voting for legislation that makes sure this program helps small and micro-businesses that form the backbone of our economy and provide good paying jobs in Upstate.”
The bipartisan Paycheck Protection Program Flexibility Act updates the current 8-week covered loan forgiveness period to 24 weeks and extends the rehiring deadline; increases the current limitation on the use of loan proceeds for nonpayroll expenses from 25 percent to 40 percent; extends the program from June 30 to December 31; and lengthens the loan terms from two years to five years.
The Paycheck Protection Program Flexibility Act would also give small businesses full access to payroll tax deferment for businesses and ensure borrowers will not have to make a loan payment until the SBA has made a forgiveness determination.
