Wexton Votes to Pass Bipartisan Reform to Improve PPP Flexibility
Washington, May 28, 2020
Washington, DC -- Today, Congresswoman Jennifer Wexton (D-VA) voted to pass the bipartisan Paycheck Protection Program (PPP) Flexibility Act to make the terms of PPP loans more flexible and accessible for small businesses in need.
"PPP loans have been a lifeline for small businesses in America, but I’ve heard from too many mom and pop shops in my district who have faced difficulty accessing these funds,” said Congresswoman Jennifer Wexton. “The existing one-size-fits-all approach of the Paycheck Protection Program has been a deterrent to constituents who should be able to count on these funds. By making PPP loans more flexible, we can help more small businesses keep their lights on and their employees on payroll."
To address issues raised by small business owners across the country who have been hesitant to use PPP funding they have received or who have been wary to even apply at all because of the stringent forgiveness requirements of the program, the bipartisan Paycheck Protection Program Flexibility Act would:
Today, Congresswoman Wexton also voted in favor of the Small Business Transparency and Reporting for the Underbanked and Taxpayers at Home (TRUTH) Act, which was blocked by House Republicans and failed to receive the two-thirds majority required to pass on suspension, despite having broad bipartisan support. The TRUTH Act would require the SBA to identify borrowers who receive PPP loans or Economic Injury Disaster Loans (EIDL) above $2 million and explain their decision-making process behind issuing these loans. The SBA would also be required to disclose assistance to socially and economically disadvantaged small business owners and women- and veteran-owned businesses.
The full text of H.R. 7010, the bipartisan Paycheck Protection Program Flexibility Act can be found here.