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Home » House passes bill adding additional PPP flexibility
Policy & Issues

House passes bill adding additional PPP flexibility

May 28, 2020
Cap2

The House passed the Paycheck Protection Program (PPP) Flexibility Act of 2020 (H.R. 7010) with a 417-1 vote Thursday. CUNA has called for further improvements to the PPP process, including lender liabilities and other challenges the Small Business Administration must address, most recently in a letter to the Senate Banking Committee.

During the debate, Rep Fred Upton (R-Mich.) cited credit unions when detailing why certain PPP changes were needed to get the funds to businesses.

Specifically, H.R. 7010 would:

  • Allow forgiveness for expenses beyond the eight-week covered period;
  • Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds;
  • Eliminate restrictions that limit loan terms to two years;
  • Ensure full access to payroll tax deferment for businesses that take PPP loans; and
  • Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance.

KEYWORDS coronavirus Paycheck Protection Program
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