U.S. Reps. Dave Joyce (R-OH), Brad Wenstrup (R-OH), and Darin LaHood (R-IL) this week introduced a bipartisan bill to ensure America’s small business owners have enough time to repay their federal COVID-19-related loans.
“As we continue to ensure the health and safety of Americans during this pandemic,” said Rep. Joyce, “it’s critical that we also protect our small businesses and provide them with the support they need to get through these challenging times.”
Reps. Joyce, Wenstrup, and LaHood on May 12 signed on as original cosponsors of the Promoting Flexibility for Small Business Owners Act, H.R. 6816, with bill sponsor U.S. Rep. Anthony Gonzalez (R-OH) and fellow cosponsor U.S. Rep. Stephanie Murphy (D-FL).
If enacted, H.R. 6816 would amend the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide an additional four weeks for employers to maximize their loan forgiveness under the Paycheck Protection Program, according to the text of the bill.
“Main Street businesses and their employees are the lifeblood of central and west-central Illinois, and the Paycheck Protection Program has provided a lifeline to many during the COVID-19 pandemic,” said Rep. LaHood. “As states like Illinois extend forced business closures, it’s important that small businesses have the flexibility they need to still make full use of this program. Our bill better aligns the program with current operational needs, and will get employees back on the payroll during this difficult time.”
Rep. Joyce said that the bill would ensure that “employers like restaurants and retailers have the flexibility they need to stay afloat until they can once again open their doors, our constituents can get back to work, and our economy is reignited.”
Rep. Wenstrup added that the Paycheck Protection Program has assisted more than 125,000 businesses in his home state of Ohio.
“However, we understand that Congress’s quick and broad actions still require fine-tuning to address the unique situations of many employers, including restaurants and other small businesses,” said Rep. Wenstrup. “I’m proud to join in introducing this bipartisan legislation to provide additional flexibility so that small businesses can fully utilize the benefits of the Paycheck Protection Program, keep their employees on the payroll, and reopen successfully in the coming weeks.”
H.R. 6816 is supported by the National Federation of Independent Business, the National Restaurant Association, and the Ohio Restaurant Association.