Saratoga, N.Y. – Today, President Donald Trump signed the Paycheck Protection Program Flexibility Act into law. This bipartisan legislation will provide flexibility for small businesses who have utilized PPP loans. Specifically, this legislation extends the period businesses can utilize funds and receive forgiveness to 24 weeks, allows a greater portion of the loan to be utilized on non-payroll expenses, ensures access to payroll tax deferment for businesses that take PPP loans, and provides flexibility on employment level requirements and loan maturity. This legislation was overwhelmingly supported and passed in the House. The Senate passed the bill Wednesday, clearing it for the President’s signature.
“This was a top priority of our North Country seasonal businesses who need greater flexibility to recover and I fought hard to deliver this result. It is good news for our region that President Trump signed the Paycheck Protection Program Flexibility Act into law this afternoon,” said Congresswoman Stefanik. “I am a proud cosponsor of this legislation, and I have been an outspoken supporter of greater flexibility for PPP loans that have provided immediate relief to our small businesses throughout the last several months. I have worked with the SBA and U.S. Treasury directly to provide clarity and make changes to this program, and I am fully supportive of the new flexibilities that this bill will provide. Our small businesses will greatly benefit from the implementation of this legislation. I will continue to advocate for real solutions for our North Country business owners as they reopen and recover from the COVID-19 crisis.”