Harris Applauds Passage of Paycheck Protection Program Flexibility Act

WASHINGTON, DC: On Thursday, May 28, 2020, the House of Representatives passed H.R. 7010 – the Paycheck Protection Program Flexibility Act of 2020. Congressman Andy Harris, M.D. (MD-01) was an original co-sponsor of this legislation, which will add greater flexibility to the tremendously popular Paycheck Protection Program established by Congress and President Trump just two months ago. Among other provisions, the bill would extend the time businesses have to rehire employees and qualify for loan forgiveness; extend the time businesses have to repay portions of the loan that do not qualify for loan forgiveness; and modify the "75-25" rule that requires loan recipients to spend 75% of the principal on payroll expenses, which will benefit businesses with high capital costs relative to labor expenses, like restaurants and shops that pay more in rent than wages.

Congressman Harris made the following statement:

"It's good that we finally got back to bi-partisan agreement on plans to keep America and her workers protected during this pandemic. This bill included much-needed reforms to the Paycheck Protection Program that makes it possible for our small businesses to survive during and after the lockdown."