Liability protection now needed, says NFIB’s Wyoming state director.
Cheyenne, Wyo., May 28, 2020—The state director for Wyoming’s leading small-business association praised today’s vote in the U.S. House of Representatives giving greater flexibility on Paycheck Protection Program loans and called on Congress to act just as fast in providing liability protection from COVID-19-related lawsuits.
“Maybe there is some light at the end of the tunnel for small businesses who received a PPP loan” said Tony Gagliardi , Wyoming state director for NFIB. “The passage of the Paycheck Protection Program Flexibility Act of 2020 will help clear up the obstacles small-business owners were faced with because of receiving a PPP Loan. Today’s passage of H.R. 7010 was urgently needed. The Senate must concur as quickly as possible. Next on the menu is the need for both Houses to get in high gear and pass legislation providing some liability relief for Main Street businesses because of hungry trial lawyers looking for somebody to sue because of COVID-19. Rightly so, state legislatures have been waiting to see what Congress will pass concerning small business liability reform.”
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.
NFIB’s liability protection principles can be read here.
Keep up with the latest Wyoming small-business news at www.nfib.com/wyoming or by following NFIB on Twitter @NFIB_WY.
NFIB is the voice of small business, 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 www.nfib.com/Colorado.
P.O. Box 1890
Cheyenne, WY 82009