Stauber Votes for Bipartisan Paycheck Protection Program Flexibility Act

May 28, 2020
Press Release

WASHINGTON, D.C. – Today, Congressman Pete Stauber (MN-08) voted for Paycheck Protection Program Flexibility Act (H.R. 7010), of which he is a cosponsor. This legislation will tailor the Paycheck Protection Program (PPP) to ensure it will better meet the needs of businesses across Minnesota and the nation that are facing different obstacles and circumstances. Following the passage of this legislation, Congressman Stauber made the following statement:

"Since its implementation, the Paycheck Protection Program has provided much-needed relief to countless small businesses across Minnesota. As recently announced guidelines have permitted some small businesses to reopen, but require others to remain closed, it has become clear that more flexibility must be provided to accommodate businesses at different stages of reopening. As a small business owner, I fully understand the emotional and financial stress that these business owners are enduring and am proud to have supported bipartisan legislation that will provide flexibility to small businesses with varying circumstances."

Specifically, H.R. 7010 will do the following:

  • Extend the loan forgiveness period from 8 weeks to 24 weeks.
  • Lower the 75 percent payroll ratio requirement.
  • Eliminate the 2-year loan repayment restrictions for future borrowers.
  • Allow payroll tax deferment for PPP recipients.
  • Extend the June 30th rehiring deadline.

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