Forgivable PPP Loans Are Available for a Limited Time, Small Businesses Should Act Now to Access Relief
WASHINGTON, DC – On June 5, President Trump signed the Paycheck Protection Program Flexibility Act (H.R. 7010), authored by Reps. Dean Phillips (D-MN) and Chip Roy (R-TX), into law. The bipartisan legislation immediately makes Paycheck Protection Program (PPP) loans from the Small Business Administration (SBA) more accessible and useful for small businesses as millions around the country face economic uncertainty due to the coronavirus pandemic.
“When I heard from Minnesotans that hastily-designed, one-size-fits-all PPP rules weren’t working for their businesses, I knew Congress had to act quickly,” said Phillips. “Our corner stores and neighborhood restaurants are suffering – I listened to their stories, wrote thoughtful legislation, built a coalition, and am pleased that the Paycheck Protection Program Flexibility Act is now the law of the land. These are the changes our small business owners were asking for, and thanks to some meaningful teamwork, their futures are a little brighter.” Continue reading “Phillips PPP Fix Becomes Law, Urgent Aid Now More Useful for Small Businesses”