Chip Roy’s “Paycheck Protection Flexibility Act” Passes Overwhelmingly In The House

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

WASHINGTON, D.C. —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

1. Small Business Roundtable
2. International Franchise Association (IFA)
3. American Hotel and Lodging Association
4. Asian American Hotel Owners Association
5. Coalition of Franchisee Associations
6. International Council of Shopping Centers
7. International Food Service Distributors Association
8. Hospitality Minnesota
9. National Council of Chain Restaurants
10. National Franchisee Association
11. National LGBT Chamber of Commerce
12. Mission Lenders Working Group
13. National Retail Federation
14. Page 30 Coalition
15. Medical Alley Association
16. Professional Beauty Association
17. The Real Estate Roundtable
18. US Black Chambers Inc.
19. NFIB
20. National Restaurant Association (plus all 50 state associations)
21. U.S. Chamber of Commerce
22. Community Reinvestment Fund, USA (CRF)
23. US Travel Association
24. Small Business Majority
25. U.S. Hispanic Chamber of Commerce
26. National Small Business Association
27. National Association for the Self-Employed
28. Small Business and Entrepreneurship Council
29. Economic Innovation Group
30. National Association of Development Companies (NADCO)
31. National Association of Women Business Owners
32. National Association of Wholesaler-Distributors
33. Associated General Contractors of America
34. National Lumber & Building Material Dealers Association
35. National Association of Manufacturers
36. Medical Group Management Association (MGMA)
37. National Association of Federally Insured Credit Unions
38. National Association of Theatre Owners
39. Electronic Transactions Association
40. Academy of General Dentistry
41. National Independent Automobile Dealers Association
42. American Dental Association
43. Independent Restaurant Coalition
44. American Society for Gastrointestinal Endoscopy
45. American Hospital Association
46. American Society of Plastic Surgeons
47. Associated Builders and Contractors
48. TechNet
49. Opportunity Finance Network
50. Association of Mature American Citizens
51. American Council of Engineering Companies
52. Marriott International
53. National Association of Realtors
54. Parity for Main Street Employers Coalition
55. National Association of Professional Employer Organizations

List of Texas organizations supporting the bill:

1. Texas Association of Business
2. Texas Restaurant Association
3. Texas Hotel and Lodging Association
4. Physicians Realty Trust
5. Texas Retailers Association
6. Texas Dental Association
7. San Antonio Chamber of Commerce