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NFIB Praises U.S. House Vote on PPP Loan Flexibility | KTIC Radio

NFIB Praises U.S. House Vote on PPP Loan Flexibility

NFIB Praises U.S. House Vote on PPP Loan Flexibility

Nebraska delegation thanked for coming through for Main Street enterprises

LINCOLN, Neb., May 29, 2020—The state director for Nebraska’s leading small-business association praised yesterday’s vote in the U.S. House of Representatives giving greater flexibility on Paycheck Protection Program loans.

“Yesterday’s passage of the Paycheck Protection Program Flexibility Act of 2020 was urgently needed,” said Bob Hallstrom, Nebraska state director for NFIB. “I thank Nebraska’s House delegation for coming through for Main Street enterprises. “Now, I call on the Senate to swiftly concur, and then I’d like both houses of Congress to work double-time to assure small-business owners that they will not be hit with lawsuits from customers and employees claiming they contracted COVID-19 at their firms.”

Among the highlights of the Act are an extension of the loan-payback period from eight weeks to 24 weeks, a reduction of the amount that must be spent on payroll from 75% to 60%, and an allowance of PPP recipients to also defer payroll taxes.

Commented Kevin Kuhlman, NFIB’s vice president of government affairs, “The Paycheck Protection Program Flexibility Act of 2020 grants small business owners urgently needed flexibility by extending the loan forgiveness period and reducing the payroll limitation of the program. We urge the Senate to act quickly to consider the legislation.”

The vote on H.R. 7010 today is considered an NFIB Key Vote for the 116th Congress. NFIB sent a key vote letter to members of the U.S. House of Representatives urging them to support this critical legislation for small businesses.

NFIB’s liability protection principles can be read here.

 

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