Senate Passage of Amended PPP Legislation Helps Provide Flexibility for Loan Forgiveness

Date: June 03, 2020

WASHINGTON, D.C. (June 3, 2020) — The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement from Kevin Kuhlman, Vice President of Government Relations, in response to the United States Senate’s passage today of H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020:

“As the majority of small businesses reach the conclusion of their Paycheck Protection Program forgiveness period in the next couple weeks, they are figuring out how to comply with the loan terms while also navigating reopening and rehiring their employees in a safe manner. The Paycheck Protection Program Flexibility Act of 2020 will further help many small businesses impacted by COVID-19 by reducing the payroll limitation of the program and extending the loan forgiveness period. We are pleased the Senate approved this important bill for small businesses and we look forward to continuing to work with members in the chamber on improving the Paycheck Protection Program. We urge the President to sign the bill into law swiftly and deliver this much-needed flexibility for small business owners.”

Yesterday, NFIB published a survey updating the utilization and financial assistance of both small business lending programs, the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Program.

NFIB released a statement on the passage of H.R. 7010 in the United States House of Representatives. This was considered a Key Vote for the 116th Congress.

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