Congress secures additional PPP flexibility for small businesses

Published by: Emily Leite

June 10, 2020 | Government Affairs, Regulatory

As credit unions continue to prioritize people during the pandemic, the League is constantly scanning the federal horizon for opportunities to further protect and advance the cooperative model, like changes to the Small Business Administration (SBA) Paycheck Protection Program (PPP). Congress and the White House recently enacted H.R. 7010 (The Paycheck Protection Program Flexibility Act of 2020), clearing the way for additional PPP flexibilities geared towards helping small businesses more easily access critical resources to revitalize local economies. The key highlights include extending the PPP loan forgiveness period through December 31 over a 24 week coverage period, requiring at least 60% of forgiven loan amounts to come from payroll expenses, and extending the current loan maturity period for new loan applicants from two years to a minimum of five years for new or existing borrowers. The League soon anticipates updated SBA guidance reflecting the new flexibilities and will monitor the rulemaking process for opportunities to protect and advance credit union PPP interests.

If you have any questions or concerns about the recent PPP changes, contact League SVP of Advocacy Emily Leite.

CONTACT US

E: eleite@ohiocul.org
T: (614) 923-9770
C: (614) 581-8460

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