Perry Supports Small Businesses with Vote to Expand SBA Paycheck Protection Program
Congressman Scott Perry (PA-10) yesterday voted to provide urgently needed flexibility in the Small Business Association Paycheck Protection Program (PPP). Over 155,000 Pennsylvania small businesses have received more than $20 billion from the PPP, supporting our Main Street businesses and their employees.
“The Paycheck Protection Program (PPP) provides a lifeline to millions of small businesses and their employees across the Nation. The original terms of the program, however, are no longer aligned with the realities in our communities, and many businesses owners, who are forced to remain closed or abide by strict capacity limits, are without help,” said Congressman Scott Perry. “Earlier this month, at a meeting with President Trump, I expressed how the continued lockdown in Pennsylvania paired with the original PPP terms was hurting our small businesses and failing to support to our job creators. We resolved to make a change. Today, I’m proud to be part of a bipartisan effort to provide our small businesses greater flexibility and support, to ensure that they can reopen their doors when the lockdown is lifted.”
H.R. 7010, the Paycheck Protection Flexibility Act, passed by a vote of 417-1 on Thursday. The legislation: extends the forgiveness period from 8 to 24 weeks; gives small businesses more choice in how they use their funds; allows small businesses that receive forgiveness also to receive payroll tax deferment; ensures businesses that make a good faith effort to rehire won’t be penalized by high unemployment benefits; and provides new PPP loans with a 5-year maturity.