Washington, D.C. – Congresswoman Elise Stefanik voted today in favor of the Paycheck Protection Program Flexibility Act, bipartisan legislation that she cosponsors. This legislation would 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.
“I have been an outspoken supporter of the PPP loans that have provided immediate relief to our small businesses throughout the last several months,” said Congresswoman Stefanik. “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 are the backbone of the North Country economy, and I will continue to advocate for solutions and support for them as they look to reopen and recover from this public health crisis.”