May 21, 2020

Amendment Would Add Flexibility to PPP Terms

As FEDA described in Wednesday's mid-week COVID-19 legislative update, there is a push to make amendments to the CARES Act that would give employers added flexibility on how they use Paycheck Protection Program (PPP) loans and how their forgiveness is calculated.

The House version of the bill, H.R. 6886, was introduced by Chip Roy (R-TX) on May 15 and is expected to be considered next week. Roy has provided a thorough summary of the amendment, which can be read here.

The Senate may consider those alterations as early as today, according to the U.S. Chamber of Commerce. FEDA encourages members to reach out to their legislators and ask them to support the amendment. To find your U.S. representative and his or her contact information, visit house.gov/representatives and enter your home zip code in the top right corner. For your U.S. senators, visit senate.gov and click on the “Find Your Senators” by state dropdown menu in the top left corner.