NFIB’s Arizona state director calls on Senate to act fast
PHOENIX, May 28, 2020—The state director for Arizona’s leading small-business association praised today’s vote in the U.S. House of Representatives giving greater flexibility on Paycheck Protection Program loans.
“Congress’s action today couldn’t have come fast enough,” said Chad Heinrich, Arizona state director for NFIB. “As its name states, the Paycheck Protection Program Flexibility Act of 2020 will provide urgently needed flexibility for small-business owners. This program is proving essential to the survival of small businesses. Without these and other adjustments, small businesses will hesitate to use the program, which could lead to more business failures. The Senate cannot act fast enough to pass this legislation and send it to the president.”
Among the highlights of the Act are an extension of the loan-payback period from eight weeks to 24 weeks, a reduction of the amount that must be spent on payroll from 75% to 60%, and an allowance of PPP recipients to also defer payroll taxes.
Commented Kevin Kuhlman, NFIB’s vice president of government affairs, “The Paycheck Protection Program Flexibility Act of 2020 grants small business owners urgently needed flexibility by extending the loan forgiveness period and reducing the payroll limitation of the program. We urge the Senate to act quickly to consider the legislation.”
The vote on H.R. 7010 today is considered an NFIB Key Vote for the 116th Congress. NFIB sent a key vote letter to members of the U.S. House of Representatives urging them to support this critical legislation for small businesses.
Keep up with the latest on Arizona small-business at www.nfib.com/arizona or by following NFIB on Twitter @NFIB_AZ
For more than 75 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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