Burchett on House floor: Paycheck Protection Program Flexibility Act delivers results for small businesses
WASHINGTON, D.C. (May 28, 2020) -- Today, Congressman Tim Burchett (TN-02) voted in support of H.R. 7010, the Paycheck Protection Program Flexibility Act. This legislation makes adjustments to the Paycheck Protection Program (PPP), which has been successful in helping American small businesses stay afloat during the coronavirus pandemic.
During debate on the House floor ahead of the vote on the bill, Rep. Burchett applauded the legislation for its positive changes to the program, which will deliver results to struggling small businesses.
“Throughout East Tennessee, the Paycheck Protection Program is ensuring employers can pay their workers and cover operating expenses. H.R. 7010 would allow greater flexibility for this relief by extending the PPP loan forgiveness period from 8 to 24 weeks, eliminating duplicative program requirements and providing small businesses with additional time to pay back loans as they get back on their feet,” Rep. Burchett said on the House floor.
Small businesses face an uncertain future as communities across the country begin reopening in the aftermath of the coronavirus crisis. While local communities stabilize and Americans begin feeling comfortable enough to participate in the economy, H.R. 7010 gives small businesses the ability to keep their workers on payroll to ensure a smooth transition once they fully reopen.
H.R. 7010 passed the House and now awaits floor action in the Senate.