House Passes Bill Providing Flexibility for PPP Borrowers
Posted: May 29 2020
The House today passed a bipartisan bill that would provide greater flexibility for Paycheck Protection Program borrowers. Introduced by Reps. Dean Phillips (D-Minn.) and Chip Roy (R-Texas), the Paycheck Protection Program Flexibility Act would extend the maturity period for unforgiven PPP loans made after the bill is enacted to five years and extend the forgiveness period through the end of 2020.
The bill would also reduce the minimum amount that businesses must devote to maintaining payroll from 75% to 60%. The legislation—which passed the house by a 417-1 vote—now goes to the Senate, where a slightly different bill is in play.