Davids Takes Action to Help Kansas Workers and Small Businesses, Votes to Pass Key Fixes to Paycheck Protection Program

Representative Sharice Davids voted today to pass a critical, bipartisan bill to improve the Paycheck Protection Program (PPP) in order to make it more accessible and usable to the Kansas small businesses that need it the most.

"The Paycheck Protection Program is providing critical support to Kansas small businesses, but we've heard from small business owners that the terms of this program can be too inflexible to provide them the help they need during this pandemic. This bill makes urgently needed fixes to the PPP, so it can work as intended for all Kansas small businesses. I urge the Senate to take up this bipartisan bill right away," said Davids.

The bipartisan Paycheck Protection Program Flexibility Act will increase flexibility and access to PPP loans including by:

• Allowing forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;
• Increasing the current limitation on nonpayroll expenses (such as rent, utility payments and mortgage interest) for loan forgiveness from 25 to 40 percent;
• Extending the program from June 30 to December 31;
• Extending loan terms from two to five years; and
• Ensuring full access to payroll tax deferment for businesses that take PPP loans.