Thursday, May 28, 2020
Congressman Cleaver Works On Paycheck Protection Fix Requested By Missouri Voters
Update on Federal relief and ongoing pandemic economic issues confronting a growing number of locals . . .
Rep. Cleaver Votes to Pass Key Fixes to Paycheck Protection Program to Help Missouri Workers and Small Businesses
(Washington, D.C.) – Today, United States Representative Emanuel Cleaver, II (D-MO) voted in favor of H.R. 7010, the Paycheck Protection Program Flexibility Act, which passed the House of Representatives by a vote of 417-1. The overwhelmingly bipartisan bill solves urgent issues with the Paycheck Protection Program (PPP) to bring relief to small businesses in Missouri and across the country as the coronavirus crisis continues to take a devastating toll on our economy.
“I have heard from countless small business owners throughout western Missouri who have been pleading for additional flexibility when it comes to the PPP program,” said Congressman Cleaver. “The emergency facing American small businesses demands Congress provide desperately-needed fixes to the PPP program so that the most vulnerable, especially minority-, women-, and veteran-owned businesses, have the ability to access these critical funds and stay afloat.”
The bipartisan PPP Flexibility Act will increase flexibility and access to PPP loans by:
- Allowing forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;
- Increasing the current limitation on nonpayroll expenses (such as rent, utility payments and mortgage interest) for loan forgiveness from 25 to 40 percent;
- Extending the program from June 30 to December 31;
- Extending loan terms from two to five years; and
- Ensuring full access to payroll tax deferment for businesses that take PPP loans.
“This unprecedented pandemic and economic crisis has brought hard-working Missourians and all Americans to the brink,” continued Rep. Cleaver. “Congress must match the scale of the challenge our nation faces with solutions that protect the health and economic security of our workers, small businesses, and communities as a whole. I’m happy to see Congress come together to make this much-needed fix, and I’m hopeful we can continue to work in this bipartisan fashion to bring more relief to our constituents.”
Developing . . .