Gardner Applauds Passage of Legislation Providing Greater Flexibility for the Paycheck Protection Program
Washington, D.C. – U.S. Senator Cory Gardner (R-CO) released the following statement today regarding Senate passage of H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020, which makes multiple critical changes to the Paycheck Protection Program (PPP) that Senator Gardner has been advocating. The legislation would give greater flexibility to small businesses by extending the loan repayment period from two to five years, increasing the PPP loan forgiveness period from eight to 24 weeks, reducing the amount that must be spent on payroll from 75 to 60 percent, allowing payroll tax deferrals for PPP recipients, and extending the June 30 rehiring deadline. Last month, Gardner and Senators Angus King (I-ME) and Steve Daines (R-MT) introduced the Paycheck Protection Flexibility Act, which mirrors the House bill and extends the loan period and provides greater flexibility in where the funds can go.
“We must continue improving the Paycheck Protection Program to meet the needs of Coloradans and their small businesses,” said Senator Gardner.“I’ve heard constantly from small business owners in Colorado who say the PPP provides essential support to get through this pandemic, but there are important ways the program can better help small businesses. These modifications are a good step, and I’ll continue to work with my colleagues to increase flexibility and ensure the relief Congress provided can be used by those in need.”
Gardner is consistently requesting improvements to the PPP to better serve Coloradans:
- Gardner called on the leaders of the Senate Committee on Small Business and Entrepreneurship to work to extend the loan forgiveness period and rehire date for the PPP.
- Gardner secured new guidance from the Small Business Administration (SBA) to allow partnerships and seasonal employers to increase their PPP loan amounts.
- Gardner secured guidance from the U.S. Department of the Treasury clarifying that rural electric cooperatives with fewer than 500 employees are eligible for the PPP.
- Gardner introduced bipartisan legislation with Senator Joe Manchin (D-WV) to increase the length of time that businesses have to spend PPP funds from 8-16 weeks.
- In a May 2020 letter to his Republican colleagues, Gardner requested changes to the PPP based on his conversations with Colorado small businesses.
- Gardner and members of the Colorado congressional delegation secured clarification from the SBA in April 2020 that Critical Access Hospitals (CAHs) and Rural Health Clinics (RHCs) are eligible for assistance from the PPP.
- In April 2020, Gardner, Governor Jared Polis, and Senator Michael Bennet (D-CO) made a unified request to improve the CARES Act to better support Coloradans through COVID-19.
Cory Gardner is a member of the U.S. Senate serving Colorado. He sits on the Energy & Natural Resources Committee, the Foreign Relations Committee, the Commerce, Science, & Transportation Committee, and is the Chairman of the Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy.
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