Phillips, Roy Introduce Bipartisan Fix to Small Business Loan Programs
Washington, DC, May 11, 2020
Today, Rep. Dean Phillips (D-MN) and Rep. Chip Roy (R-TX) announced the introduction of the bipartisan Paycheck Protection Flexibility Act, which will make urgently needed changes to the Paycheck Protection Program (PPP), a vital initiative for small businesses struggling in the wake of the coronavirus epidemic.
Rep. Dean Phillips:
“We must redesign the Paycheck Protection Program (PPP) to make it accessible to everyone, from food trucks, to four-star restaurants, to your favorite music venue. While the PPP has helped millions of small businesses keep their lights on, millions more remain on the outside looking in. It won’t matter how much money we appropriate if the system by which it’s distributed is inaccessible to those who need it the most. As an entrepreneur and small business owner myself, I understand the challenges facing businesses struggling to survive this crisis. These common-sense solutions will provide the flexibility necessary to weather the storm and prepare for uncertain times ahead. I am pleased to work with Congressman Roy on a bipartisan solution supporting small businesses; the backbone of the U.S. economy.”
Rep. Chip Roy:
“The Paycheck Protection Program (PPP) is providing essential capital to millions of small businesses across the country. Unfortunately, for many of these business owners, particularly local restaurants, hotels, and those in the hospitality industry, the terms are too inflexible to provide the help they need to weather the economic storm. PPP cannot protect jobs if workers have no job to return to after state and local lockdowns are lifted. After listening to business owners, I will be introducing the Paycheck Protection Program Flexibility Act to provide essential flexibility to PPP loans. Time is of the essence. Many businesses are already four weeks into the loan and need this flexibility immediately before the forgiveness timeline runs out. I look forward to continue working with my colleagues on both sides of the aisle to enact these simple but critical reforms in order to save small businesses.”
The legislation will:
The Paycheck Protection Program Flexibility Act is supported by the following organizations:
The Paycheck Protection Program Flexibility Act has broad bipartisan support and is co-sponsored by Reps. Tom Emmer, Fred Upton, Brian Fitzpatrick, Andy Harris, Angie Craig, John Curtis, Josh Gottheimer, Anthony Gonzalez, Mikie Sherrill, Anthony Brindisi, Jackie Walorski, Peter King, Van Taylor, Vincente Gonzalez, Kathleen Rice, David P. Joyce, Brad Wenstrup, Troy Balderson, Peter Welch, Eric Swalwell, Bill Pascrell, Cindy Axne, Henry Cuellar, Max Rose, Jahana Hayes, Kurt Schrader, Ben McAdams, John Joyce, Jack Bergman, Doug LaMalfa, Elaine Luria, Jaime Herrera Beutler, Elissa Slotkin, Dan Kildee, and Joe Courtney.