Chip Roy's "Paycheck Protection Flexibility Act" Passes Overwhelmingly In The House

Press Release

Reps. Chip Roy (R-TX) and Dean Phillips (D-MN) "Paycheck Protection Flexibility Act" passed the House overwhelmingly Thursday, by a margin of 417-1.

The Paycheck Protection Flexibility Act had a diverse list of national and regional organizations supporting its passage prior to Thursday's vote. Our bill will solve many of the problems with the Paycheck Protection Program (PPP), a critical source of aid for small businesses during the coronavirus epidemic that has come under fire from critics in both parties.

Rep. Chip Roy:

"For the past two months, I've heard from business owners in Central Texas who want to keep their employees on the payroll, continue serving their communities, and -- mostly -- stay afloat until they are allowed to be fully back open for business. The Paycheck Protection Program (PPP) has helped many of them do just that, but I have heard from far too many business owners that the program, as it stood, needed changes to make it work for them. I didn't want to see another local institution go out of business because Congress is more focused on politics than helping Americans who need it. Fortunately, our bipartisan bill puts Americans first and will ensure our favorite small business are around on the other side. I am thankful to my colleagues for their overwhelming support today, and I look forward to its swift passage in the Senate."

The Paycheck Protection Program Flexibility Act will create more flexibility for small businesses by:

Extends the forgiveness period to 24 weeks
Replaces the 75/25 rule with a 60/40 rule
All new PPP loans will receive a 5-yr maturity. Existing loans will remain at a 2-year maturity.
Allows businesses that receive forgiveness to also receive payroll tax deferment
Ensures small businesses won't be penalized by high unemployment benefits
Creates a safe harbor for businesses that are required to open at only 50 percent capacity

Select List of Organizations in Support of the Bipartisan Payroll Protection Program Flexibility Act

Small Business Roundtable
International Franchise Association (IFA)
American Hotel and Lodging Association
Asian American Hotel Owners Association
Coalition of Franchisee Associations
International Council of Shopping Centers
International Food Service Distributors Association
Hospitality Minnesota
National Council of Chain Restaurants
National Franchisee Association
National LGBT Chamber of Commerce
Mission Lenders Working Group
National Retail Federation
Page 30 Coalition
Medical Alley Association
Professional Beauty Association
The Real Estate Roundtable
US Black Chambers Inc.
NFIB
National Restaurant Association (plus all 50 state associations)
U.S. Chamber of Commerce
Community Reinvestment Fund, USA (CRF)
US Travel Association
Small Business Majority
U.S. Hispanic Chamber of Commerce
National Small Business Association
National Association for the Self-Employed
Small Business and Entrepreneurship Council
Economic Innovation Group
National Association of Development Companies (NADCO)
National Association of Women Business Owners
National Association of Wholesaler-Distributors
Associated General Contractors of America
National Lumber & Building Material Dealers Association
National Association of Manufacturers
Medical Group Management Association (MGMA)
National Association of Federally Insured Credit Unions
National Association of Theatre Owners
Electronic Transactions Association
Academy of General Dentistry
National Independent Automobile Dealers Association
American Dental Association
Independent Restaurant Coalition
American Society for Gastrointestinal Endoscopy
American Hospital Association
American Society of Plastic Surgeons
Associated Builders and Contractors
TechNet
Opportunity Finance Network
Association of Mature American Citizens
American Council of Engineering Companies
Marriott International
National Association of Realtors
Parity for Main Street Employers Coalition
National Association of Professional Employer Organizations
List of Texas organizations supporting the bill:

Texas Association of Business
Texas Restaurant Association
Texas Hotel and Lodging Association
Physicians Realty Trust
Texas Retailers Association
Texas Dental Association
San Antonio Chamber of Commerce

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