Press Release ● Coronavirus
For Immediate Release: 
May 28, 2020
Contact Info: 
Mariel Saez 202-225-3130
WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today on the Draft Statement on the Paycheck Protection Program Flexibility Act Suspension: 

“Earlier this month, the House passed the Heroes Act to fix issues that had arisen with regard to the initial drafting of the CARES Act, including provisions that created the Paycheck Protection Program.  However, the Republican-led Senate continues to stall on additional legislation to address this crisis and provide relief.  That’s why the House today passed legislation introduced by Rep. Dean Phillips to make the much-needed adjustments to the Paycheck Protection Program that we included in the Heroes Act.
 
“Rep. Phillips’s legislation extends the original deadline beyond June 30 for businesses to rehire employees and qualify for loan forgiveness.  This is critical because many businesses are still not able to reopen in areas where the spread of COVID-19 infections is not yet under control.  This bill also provides additional flexibility in how the loan is spent at a time when businesses must be nimble in meeting needs in order to stay afloat and hire their workers back after it is safe to reopen.  Additionally, this bill also extends the period in which businesses must use PPP funds to qualify for loan forgiveness from eight weeks to twenty-four.  Moreover, it would allow loan recipients to defer payroll taxes on the loans received under this program. 
 
“I want to thank Rep. Phillips for his hard work on this issue and for being a champion for small businesses and their employees during this difficult time.  I also want to thank Chairwoman Nydia Velazquez of the Small Business Committee for her hard work and leadership during this crisis.  Small businesses in my district – and in so many others across the country – need the flexibility provided by these fixes, which is why I was proud to give this legislation my strong support.”