Texas Insider Report: WASHINGTON, D.C. –The House passed the bipartisan Paycheck Protection Program Flexibility Act. This act addresses the ongoing needs of America's small businesses by making it easier for them to recover.
- Extends the forgiveness period from 8 to 24 weeks
- Provides additional flexibility for businesses’ overhead expenses
- Creates a longer repayment timetable
- Ensures businesses that have received a loan can defer payroll taxes
However, more work needs to be done to make sure essential workforces – like local Chambers of Commerce – are included in the Paycheck Protection Program.
To learn more about the Paycheck Protection Program’s success, click here.
To find a list of eligible local lenders, click here.
Have questions? Check out the Treasury Department’s updated FAQ document here.