The Parity for Main Street Employers issued the following statement following the House adoption of the Paycheck Protection Program Flexibility Act of 2020:
“The Parity for Main Street Employers coalition welcomes the overwhelming bipartisan House vote of support for the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). The Paycheck Protection Program (PPP) has provided millions of employers with the funds necessary to keep their workers employed. The PPPFA will build upon that success and enable more employers to fully participate in the PPP, increasing their chances of reopening successfully. The Senate needs to take up this important legislation and pass it quickly. Employers across America face a critical deadline as they approach the end of the PPP’s eight-week covered period. These employers also are unfairly penalized by the SBA’s 25 percent limitation on non-payroll expenses. Absent the increased flexibility provided in PPFA, these employers will be penalized by rules that are out of synch with the reopening of the economy. The PPPF will address these specific issues and help more employers survive and keep their workers employed. We urge the Senate to adopt it as soon as possible.”