Tag: PPP

Legislation Makes PPP Spending More Flexible

Legislation Makes PPP Spending More Flexible

The Paycheck Protection Program Flexibility Act signed into law on June 5 eases some restrictions⁠—like the spending timeline and parameters⁠—but the adjustments don’t relieve the frustrations lenders and borrowers have expressed about the forgiveness application process.

The bipartisan legislation, introduced by Democratic Rep. Dean Phillips last month , has been eagerly anticipated by the hospitality industry, said Ben Wogsland, director of government relations for Hospitality Minnesota.

“This change is coming a little later than we would have liked for some people,” he said. “This is definitely going to help them in a big big way. It will make it so that more hospitality businesses are actually able to hit the metrics of the programs to be able to get the loans forgiven. That said, there’s open questions about how much more relief this industry may need to survive.” Continue reading.

Appreciative of Rep. Phillips’ work

To the editor:

It seems so long ago and yet just yesterday. Friday, March 13, kicked off an economic crisis that’s impacted nearly everyone in Minnesota and across the country.

States started imposing business restrictions and stay-at-home orders to slow the Covid-19 outbreak. The coronavirus has been brutal and deadly across all 50 states. That’s why I am thankful that Rep. Dean Phillips understands the situation facing small businesses in struggling to stay afloat and re-open in the face of adversity.

Thanks to Rep. Phillips’ leadership and authorship, the Paycheck Protection Program Flexibility Act passed Congress last week. Continue reading.

House passes bill to grant flexibility for small business aid program

The Hill logoThe House on Thursday passed bipartisan legislation to provide struggling small businesses with more flexibility while using loans provided through the Paycheck Protection Program, in the latest effort by lawmakers to help limit the economic impact of the coronavirus pandemic.

The bill passed easily by a vote of 417-1.

The legislation, authored by Reps. Dean Phillips (D-Minn.) and Chip Roy (R-Texas), expands the terms of the loans from the Paycheck Protection Program, which was created by the $2.2 trillion coronavirus relief package that Congress and the Trump administration enacted in late March.

But lawmakers say that additional changes to the program are needed following complaints from small businesses that they’re not able to take advantage of the loans under the current terms. Restaurants and hair salons, for instance, largely still face coronavirus-imposed safety restrictions and aren’t in a position to rehire all their employees in the time currently required to qualify for loan forgiveness. Continue reading.

Representatives Phillips, Roy introduce bipartisan fix to Paycheck Protection Program

WASHINGTON, DC — On Monday, Rep. Dean Phillips (D-MN) and Rep. Chip Roy (R-TX) announced the introduction of the bipartisan Paycheck Protection Flexibility Act, which will make urgently needed changes to the Paycheck Protection Program (PPP), a vital initiative for small businesses struggling in the wake of the coronavirus epidemic.

Rep. Dean Phillips:

“We must redesign the Paycheck Protection Program (PPP) to make it accessible to everyone, from food trucks, to four-star restaurants, to your favorite music venue. While the PPP has helped millions of small businesses keep their lights on, millions more remain on the outside looking in. It won’t matter how much money we appropriate if the system by which it’s distributed is inaccessible to those who need it the most. As an entrepreneur and small business owner myself, I understand the challenges facing businesses struggling to survive this crisis. These common-sense solutions will provide the flexibility necessary to weather the storm and prepare for uncertain times ahead. I am pleased to work with Congressman Roy on a bipartisan solution supporting small businesses; the backbone of the U.S. economy.” Continue reading “Representatives Phillips, Roy introduce bipartisan fix to Paycheck Protection Program”