Costa Votes to Help Workers and Small Businesses
(WASHINGTON) – Congressman Jim Costa (CA-16) voted to pass a critical, bipartisan bill to deliver further relief for small businesses. H.R. 7010, the Paycheck Protection Program Flexibility Act, solves urgent issues with the Paycheck Protection Program (PPP) facing small business owners who are struggling the most as a result of the coronavirus.
"This health crisis continues to ravage small businesses across the country. This is an effort to keep their doors open,” said Costa. “My vote today ensures urgent fixes are made to the PPP program, providing owners the flexibility needed to apply assistance in the best way they see fit to weather this storm."
The bipartisan PPP Flexibility Act will increase flexibility and access to PPP loans including by:
- Allowing forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;
- Increasing the current limitation on non payroll 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.