WASHINGTON, DC – U.S. Rep. Dan Bishop voted in favor of a bill to provide flexibility to recipients of the emergency Paycheck Protection Program loans, which provide forgivable loans to keep employees on the payroll during the pandemic.
H.R. 7010, the Paycheck Protection Program Flexibility Act, gives businesses more time to rehire employees and allows them more discretion over the use of forgivable funds. The legislation removes penalties for not meeting the rehire deadline on good-faith efforts and allows all loan recipients to receive payroll tax deferment, regardless of forgiveness status.
The Paycheck Protection Program Flexibility Act passed the House of Representatives by a vote of 417 to 1 on May 28.
“When small businesses were forced to close by the government, I voted to provide a lifeline through PPP to keep employees on the payroll. Now, I’m proud to support a measure to ensure additional flexibility as businesses adjust for reopening,” Bishop said. “Government programs can’t replace the free market, but Congress has a responsibility to ensure relief helps businesses without undue burdens.”