The Paycheck Protection Program (PPP) benefited 9,874 small businesses and retained 108,307 jobs in Pennsylvania’s 7th District, according to U.S. Rep. Susan Wild (D-PA).
Wild cosponsored the bipartisan Paycheck Protection Program Flexibility Act, which makes loans more accessible to small businesses, and makes it easier for the loan to be forgiven.
The act extends loan terms from two years to five years; extends the amount of time the loan covers from eight weeks to 24 weeks; lowers the current requirement that 75 percent of the loan be used on payroll to 60 percent, allowing the remaining 40 percent to be used for other expenses; and ensures full access to payroll tax deferment for businesses that take PPP loans.
Other expenses include rent and utilities.
The House voted July 1 to extend the PPP application deadline to Aug. 8, and President Donald Trump signed the extension into law.
“I’m glad to see that the PPP application deadline has been extended. As our nation continues to battle this public health crisis and economic recession, it is imperative that make sure these local businesses get the support they need both now and into the future as our country begins to rebuild,” Wild said.