BAINBRIDGE– Today, Congressman Dave Joyce (OH-14) joined Congressman Anthony Gonzalez (OH-16) in introducing the Promoting Flexibility for Small Business Owners Act to help small businesses impacted by the COVID-19 pandemic utilize Paycheck Protection Program (PPP) loans without sacrificing loan forgiveness.Specifically, the legislation provides restaurants, retailers and other similar businesses with more time to utilize their PPP loan and meet the requirements to receive full loan forgiveness.
“As we continue to ensure the health and safety of Americans during this pandemic, it’s critical that we also protect our small businesses and provide them with the support they need to get through these challenging times” said Joyce. “I’m proud to join Congressman Gonzalez to introduce this bipartisan bill and ensure employers like restaurants and retailers have the flexibility they need to stay afloat until they can once again open their doors, our constituents can get back to work and our economy is reignited.”
“While the Paycheck Protection Program has been helpful for many small businesses across the country, some employers, like restaurants and retailers, are unable to make full use of these loans due to state and local reopening restrictions,” said Congressman Gonzalez. “Small businesses are the heart and soul of Northeast Ohio’s economy, and it is vital that we provide this additional relief to ensure our local business owners are able to take full advantage of their PPP loans and help restart our economy.”
While PPP provides small businesses with much-needed forgivable loans to cover the cost of employees’ wages, rent, and utilities during the COVID-19 pandemic, current timeline requirements, such as the eight-week limit to spend the loan, severely limit businesses from fully taking full advantage of these loans. Restaurants and retailers who are unable to fully reopen due to government restrictions are uniquely impacted by these requirements. The Promoting Flexibility for Small Business Owners Act would address these problems by extending the period for which loan expenditures are forgivable by an additional four weeks.
This legislation is supported by the National Federation of Independent Business (NFIB), the National Restaurant Association, and the Ohio Restaurant Association. Additional original cosponsors include Darin LaHood (IL-18), and Stephanie Murphy (FL-07).
You can read the full text of the bill here.