Rep. Rouda Votes to Pass Bipartisan Bill to Improve the Paycheck Protection Program (PPP) | Representative Harley Rouda

Rep. Rouda Votes to Pass Bipartisan Bill to Improve the Paycheck Protection Program (PPP)

May 28, 2020
Press Release

WASHINGTON -- Today, Congressman Harley Rouda (CA-48) voted to pass H.R. 7010, the bipartisan Paycheck Protection Program Flexibility Act. Rep. Rouda has called for key provisions found in H.R. 7010.

"Small business owners across Orange County have voiced concerns regarding PPP eligibility and loan forgiveness requirements," said Rouda. "These bills provide flexibility and clarity to ensure struggling small businesses can get the assistance they desperately need. I am relieved to see the House pass the common-sense PPP corrections I have called for and urge the Senate to consider this bipartisan bill immediately."

H.R. 7010, the bipartisan Paycheck Protection Program Flexibility Act, would:

  • Allow loan forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline
  • Increase the current limitation on the use of loan proceeds for non-payroll expenses from 25 percent to 40 percent
  • Extend the program from June 30 to December 31
  • Extend loan terms from two years to five years

Ensure full access to payroll tax deferment and credits for businesses that take PPP loans