On Thursday, May 28 the U.S. House of Representatives passed a bipartisan bill fixing the Paycheck Protection Program (PPP).
The Paycheck Protection Flexibility Act passed by a vote of 417-1.
The Paycheck Protection Flexibility Act makes desperately-needed improvements in the program that are important to our industry, including:
- 24-week covered period (instead of 8)
- 60/40 split (instead of 75/25)
- Loan forgiveness still applies if FTEs won’t come back, or if revenue in December is below Feb 2020 levels.
- Five-year loan-repayment terms for future PPP loans
- Payroll tax deferment restored
More details on the bill can be found HERE.
The biggest challenge is pressing the Senate that passing this bill needs to happen soon before it becomes a moot point for many PPP loan holders.
Our Senators need to hear from you now to pass this bill, fix the PPP, and preserve America’s hospitality and tourism industry.
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