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Tipsheet

Senate Passes Bipartisan Paycheck Protection Flexibility Act

AP Photo/Susan Walsh

The Senate unanimously passed legislation that makes changes to the bipartisan Paycheck Protection Program (PPP) on Wednesday after the House approved the legislation last week. The Paycheck Protection Flexibility Act gives small businesses utilizing the loan program more autonomy in how the loans are used, and lengthens the period of eligibility for forgiveness. The legislation also extends the rehiring deadline for small businesses, allowing owners to give laid-off employees their jobs back, in order to meet the threshold for loan forgiveness. The bipartisan act also increases the percentage of loans that must be put toward payroll, from 75 percent to 60 percent, allowing small businesses to use the forgivable loans for other expenses.

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The Small Business Administration’s (SBA) landmark forgivable loan program has served as a lifeline for small businesses suffering economic distress during COVID-19. This legislation will fix logistical gaps in the program’s execution while also giving more flexibility to small businesses. The Paycheck Protection Flexibility Act heads to President Trump’s desk to be signed into law.

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