The House of Representatives yesterday passed the Paycheck Protection Program (PPP) Flexibility Act in a 417-1 vote. The legislation, introduced by Rep. Dean Phillips (D-MN) and Rep. Chip Roy (R-TX), would increase the period during which small businesses are able to use Paycheck Protection Program funds and be eligible for loan forgiveness from eight weeks to 24 weeks. It would also allow firms to use a greater percentage of the loan funds on non-payroll costs and still be eligible for forgiveness. The American Business Immigration Coalition supports these provisions and urges the Senate to follow quickly.
“A 24 week extension and flexibility on overhead will be an enormous help for millions of small businesses and growers,” said Paul Dimare, President and CEO of DiMare Fresh and ABIC Co-Chair. “I urge the Senate to approve this increase in the PPP loan forgiveness period so our small businesses and growers are able to pay their workers and keep their doors open.”
Yesterday’s House vote came on the same day that U.S. Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza announced of a new $10 billion set-aside in funds through the federal Paycheck Protection Program (PPP) for Community Development Financial Institutions (CDFIs), a win for underserved and minority-owned small businesses and nonprofits across the country, including businesses of color, sole proprietors, and growers, thanks to the leadership of Senators Marco Rubio, Ben Cardin and Chuck Schumer. To date, the Paycheck Protection Program has helped over 50 million American workers stay connected to their jobs and more than 4 million small businesses get much-needed relief.
The American Business Immigration Coalition promotes commonsense immigration reform that advances economic competitiveness, provides American companies with both the high-skilled and low-skilled talent they need, and allows the integration of immigrants into our economy as consumers, workers, entrepreneurs and citizens. For more information please visit https://abic.us.