Washington—Senator Dianne Feinstein (D-Calif.) today released the following statement after the Senate passed the Paycheck Protection Program Flexibility Act last night:
“Giving employers greater flexibility in how they can use Paycheck Protection Program funds will allow more small businesses take advantage of this program so more workers will continue to get paid.
“Since Congress first created the program in March, millions of small businesses have received aid that has helped them stay above water during the current economic crisis. However, the program was not a good fit for every small business.
“This bill will give employers more time to spend the money, increasing the period from 8 weeks to 24 weeks, which will help small businesses that take longer to return to full capacity, such as those in the restaurant and hospitality sectors.
“In addition, the bill allows more flexibility in how funds are spent in order to qualify for loan forgiveness, which better reflects the reality faced by small businesses in high-cost cities.
“The changes made to the Paycheck Protection Program will help more small businesses stay afloat and keep paying their employees during these tough economic times. I hope the president will sign it as quickly as possible.”
Last month, Senator Feinstein called on the Senate Committee on Small Business & Entrepreneurship to consider important improvements to the Paycheck Protection Program, including greater flexibility in how the loan can be used and extending the period for small businesses to spend the funds. That letter can be read HERE.