Source: United States House of Representatives – Congresswoman Deb Haaland (NM-01)
May 28, 2020
Washington, D.C. – Today, Congresswoman Deb Haaland (NM-01) took action to help New Mexico workers and small businesses by voting to pass a critical, bipartisan bill to deliver further relief. Led by Congressman Dean Phillips of Minnesota, H.R. 7010, the Paycheck Protection Program Flexibility Act fixes urgent issues with the Paycheck Protection Program (PPP) so it works better for small business owners in New Mexico and across the country struggling as a result of the coronavirus.
“Our local businesses are relying on us to help them weather the economic impacts of this public health emergency, but there were issues in the Paycheck Protection Program that blocked them from getting the help they need,” said Congresswoman Deb Haaland. “So, we’re fixing those problems so that the most vulnerable small businesses, especially minority-, women- and veteran-owned businesses have the flexibility to get the resources they urgently need.”
The bipartisan PPP Flexibility Act will increase flexibility and access to PPP loans including by:
- Allowing forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;
- Increasing the current limitation on nonpayroll expenses (such as rent, utility payments, and mortgage interest) for loan forgiveness from 25 to 40 percent;
- Extending the program from June 30 to December 31;
- Extending loan terms from two to five years; and
- Ensuring full access to payroll tax deferment for businesses that take PPP loans.