Dr. Joyce Statement on Paycheck Protection Program Flexibility Act

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

"In a matter of weeks, more than 155,000 small businesses in our Commonwealth have received Paycheck Protection Program loans, which offer a direct lifeline to workers and entrepreneurs during this unprecedented shutdown. The Paycheck Protection Program Flexibility Act will make commonsense changes to this program that will bolster its usefulness and optimize its impact. As America combats the economic ramifications of coronavirus and begins to reopen, it's critical that we continue to support small business in Pennsylvania and around the country. Many of our small businesses have been built by hardworking families over generations. We cannot allow a virus to destroy this critical part of our community and our economy."

The Paycheck Protection Program Flexibility Act will:

• Extend the duration of the Paycheck Protection Program forgiveness period and provide flexibility;
• Revise the use of loan funds eligible for forgiveness to 60 percent of payroll costs; 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.

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