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News & Press: Government Affairs News

Possibility of Senate Consideration of PPP Flexibility Act Increases

Monday, June 1, 2020   (0 Comments)
Posted by: Bradley Coffey, MA, AAOE Government Affairs
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Washington, DC - With the Senate returning to its chambers on June 1, Senators will return to a slate of pending executive branch and judicial nominations. The Senate also returns to legislation passed in the House last week to provide greater flexibility to the Paycheck Protection Program (PPP). The latest news from the Senate indicates that the Senate is likely to entertain a unanimous consent agreement in the Senate to pass the House-passed legislation. The Senate typically uses unanimous consent agreements to pass non-controversial bills.

On Monday evening, Senate Majority Leader Mitch McConnell told reporters with CQ that the Senate would "soon" vote on the House legislation but did not give a timeline. "I hope and anticipate the Senate will soon take up and pass legislation that just passed the House by an overwhelming vote of 417-1 to further strengthen the Paycheck Protection Program so it continues working for small businesses that need our help," McConnell (R-KY) said.

The Paycheck Protection Program Flexibility Act would increase the loan forgiveness period from eight (8) weeks to 24 weeks, change the 75-25 rule to a 60% payroll threshold, extend the period for which owed funds may be repaid to five years, allow payroll tax to be deferred by PPP recipients, and extend the application deadline to December 31, 2020.  

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