Congressman Fred Keller votes in support of Paycheck Protection Program flexibility measure
Washington, D.C. – Congressman Fred Keller (R-PA) on Thursday voted in favor of H.R. 7010 – The Paycheck Protection Flexibility Act, bipartisan legislation that would provide needed flexibility to the successful Paycheck Protection Program. The bill would, among other things:
- Allow forgiveness for expenses beyond the 8-week covered period.
- Eliminate restrictions limiting non-payroll expenses to 25 percent of loan proceeds.
- Eliminate restrictions that limit loan terms to two years.
- Ensure full access to payroll tax deferment for businesses that take PPP loans.
- Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance.
To date, Pennsylvania small businesses have received over $20 billion in Paycheck Protection Program benefits. This legislation will grant those small businesses and their lenders much needed flexibility to use the funds, keep workers employed, and ultimately achieve loan forgiveness.
On supporting the bill, Congressman Fred Keller (R-PA) made the following statement:
“The provisions in The Paycheck Protection Flexibility Act have been requested by small businesses and lenders throughout Pennsylvania’s 12th Congressional District to ensure the money disbursed can be used as effectively as possible to help small businesses weather this pandemic and onerous shutdown orders.
“When the Paycheck Protection Program was authorized in the CARES Act, it was meant as a lifeline for our small businesses, who nationally employ roughly half of all Americans. The additional flexibility provided for in this legislation will help these businesses stay open, keep their employees hired, and mitigate the economic effects of COVID-19.”