Rep. Susan Davis Votes Help Workers and Small Businesses With Key Fixes to Paycheck Protection Program

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Washington, May 28, 2020 | comments

Rep. Susan Davis (D-CA-53) voted to pass a critical, bipartisan bill which delivers further relief for San Diego’s small businesses.  The Paycheck Protection Program Flexibility Act solves urgent issues with the Paycheck Protection Program (PPP) affecting small business owners across the country who are struggling the most as a result of COVID-19.

“We have asked people to make unprecedented sacrifices to stop the spread and save lives,” said Davis. “We must be sure we are helping as many people and small businesses as we can. I have heard from countless small business owners in desperate need of assistance as the coronavirus crisis continues to exact devastating economic harm. The ongoing crisis requires us to provide these urgently-needed fixes to the PPP program so that our most vulnerable small businesses, especially minority-, women-, and veteran-owned businesses, have the flexibility to obtain and utilize the assistance they urgently need.”  

The bipartisan PPP Flexibility Act will increase flexibility and access to PPP loans including by:

  • Allowing forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;

  • Increasing the current limitation on nonpayroll expenses (such as rent, utility payments and mortgage interest) for loan forgiveness from 25 to 40 percent;

  • Extending the program from June 30 to December 31;

  • Extending loan terms from two to five years; and

  • Ensuring full access to payroll tax deferment for businesses that take PPP loans.

“This unprecedented coronavirus pandemic has inflicted a staggering toll on hard-working Americans,” continued Rep. Davis.  “The overwhelming scale of this health and economic crisis demands that we take decisive action to protect the health and safety of our communities and the economic well-being of workers and small businesses.”

 
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