Rep. Cisneros Votes to Pass Bipartisan Bill to Improve PPP
FULLERTON, CA - Today, Representative Gilbert R. Cisneros, Jr. (CA-39) voted by proxy to pass The Paycheck Protection Program Flexibility Act. Passing the House on a near-unanimous vote, the bipartisan bill expands the PPP to make it easier for the loan to be forgiven and more accessible to small businesses that need it the most.
“The PPP and EIDL have been lifelines for our small businesses in the 39th District. However, small business owners have told me that changes need to be made to better address the realities and shortcomings of these programs,” said Rep. Cisneros. “I’m proud to vote for the bipartisan Paycheck Protection Program Flexibility Act which makes several improvements to the PPP, including extending the 8-week loan usage period to 24 weeks. While more states start to slowly open up, this bipartisan bill takes the right steps to help our small businesses stay afloat and recover.”
“The PPP is helping save jobs. Our company has been hit extremely hard and we are scratching our way back. This change in the bill will be very helpful as the process is slow getting folks back to work and many unknowns remain. I am grateful,” said Dr. Howard Chudler, small business owner of Howard Chudler & Associates, Inc. and Brea resident. “Folks like Congressman Cisneros and his staff have worked tirelessly in attempts to deal with endless and changing unknowns with lives literally on the line. I am proud of our country, my state, my representative and many of the very good folks that are not faceless “do nothings", but real human beings that take pride in their work and are trying to be helpful in the most extraordinary circumstances.”
“The Brea Chamber is very grateful to Congressman Cisneros for addressing the needs of our small business community during this crisis. Many of our small Brea business owners need increased flexibility with fiscal resources to become fully operational. Small business is at the heart of our Brea community. The legislation will give hope to those businesses hit hardest during the pandemic,” said Heidi L. Gallegos, CEO Brea Chamber of Commerce.
The Paycheck Protection Program Flexibility Act includes the following provisions:
- Allowing loan forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;
- Increasing the current limitation on the use of loan proceeds for non-payroll expenses from 25 percent to 40 percent;
- Extending the program from June 30 to December 31;
- Extending loan terms from two years to five years;
- Ensuring full access to payroll tax deferment for businesses that take PPP loans.
Rep. Cisneros voted by proxy due to recovering from surgery.