Dr. Joyce Statement on Paycheck Protection Program Flexibility Act

Altoona, PA Congressman John Joyce, M.D. (PA-13) issued the below statement after President Trump signed H.R. 7010, the Paycheck Protection Program Flexibility Act, into law. Dr. Joyce, a member of the House Small Business Committee, was an original co-sponsor of this legislation to improve the Paycheck Protection Program and offer relief for America's small businesses.

"As our nation recovers from the economic ramifications of the coronavirus crisis, the Paycheck Protection Program Flexibility Act will improve the opportunities available to our small business community and safeguard Americans' paychecks. In a matter of weeks, more than 155,000 small businesses in our Commonwealth have received Paycheck Protection Program loans, which offer a lifeline to workers and entrepreneurs during this unprecedented shutdown - saving jobs and supporting hardworking families.

"We will have a Great American Comeback from this temporary downturn, and the Paycheck Protection Program Flexibility Act will help our small businesses many of which have been built by families over generations continue to weather this storm and emerge stronger on the other side."

The Paycheck Protection Program Flexibility Act will:

• Extend the duration of the Paycheck Protection Program forgiveness period to 24 weeks and provide flexibility to small businesses in various stages of reopening;
• Revise the use of loan funds eligible for forgiveness to 60 percent of payroll costs, expanding small businesses' choice in how they use the funds;
• Ensure that small businesses will not be penalized by the availability of unemployment benefits by protecting small businesses that make a good faith effort to rehire staff by December 31, 2020; and,
• Create a safe harbor for employers that made a good faith effort to hire or re-hire qualified employees.

To date, more than 155,000 small businesses in Pennsylvania have received Paycheck Protection Program assistance, totaling more than $20 billion in support from the Small Business Administration (SBA). Additional implementation details will be released by the SBA in coming days.

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