The American Supply Association is urging Congress to enact the Paycheck Protection Program Flexibility Act.
ASA members, from across the country, are expressing their support for the Paycheck Protection Program Flexibility Act.
This bipartisan legislation introduced in the House by Reps. Chip Roy (R-TX) and Dean Phillips (D-MN) passed last week, 417-1. The bill, as written, will:
1.) Allow forgiveness beyond the 8-week covered period;
2.) Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds;
3.) Eliminate restrictions that limit loan terms to 2 years;
4.) Ensure full access to payroll tax deferment for businesses that take PPP loans; and
5.) Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance (UI).
This bill is a congressional response to the announcement by the Small Business Administration (SBA), reiterating that program forgiveness and use rules would not be changed. Thus, congressional action is necessary to make changes to the PPP program. The Senate is expected to take the bill up in the near future, and ASA members continue to advocate for the bill in the Senate.
ASA action on the Paycheck Protection Program Flexibility Act comes after thousands of ASA members, from all across the country, contacted their federal legislators in recent weeks, at the beginning of the COVID-19 pandemic.
The action resulted in ASA’s industry being included in federal essential industry recommendations, enabling members to provide essential plumbing, heating, cooling and supply