Stories

Tillis introduces bipartisan bill to extend relief funding for small businesses

U.S. Sen. Thom Tillis (R-NC) on May 21 joined several colleagues in introducing a bipartisan bill to extend federal COVID-19 relief loans over a longer period of time and allow for some flexibility in where the funds may go for small businesses facing high commercial rent rates.

Sen. Tillis signed on as an original cosponsor of the Paycheck Protection Flexibility Act, S. 3833, with bill sponsor U.S. Sen. Marco Rubio (R-FL) to adjust Paycheck Protection Plan (PPP) rules authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act in the next coronavirus emergency funding package.

Among the eight members who joined Sen. Tillis as an original cosponsor were U.S. Sens. Susan Collins (R-ME), Cory Gardner (R-CO), Steve Daines (R-MT), Marsha Blackburn (R-TN), and Ben Cardin (D-MD).

“I’m proud to work with my colleagues on a bipartisan solution to protect North Carolina jobs and our small businesses,” Sen. Tillis said. “From my countless conversations with North Carolina’s small businesses, it’s clear that the Paycheck Protection Program needs reforms in order to provide more flexibility to keep small businesses open and protect the jobs of workers.”

According to a summary provided by the senator’s office, S. 3833 would allow forgiveness for expenses beyond the eight-week covered period; eliminate restrictions limiting non-payroll expenses to 25 percent of loan proceeds; eliminate restrictions that limit loan terms to two years; ensure full access to payroll tax deferment for businesses that take PPP loans; extend the rehiring deadline to offset the effect of enhanced unemployment insurance; and adjust the program’s standards to account for economic realities following the coronavirus pandemic.

The bill is supported by the International Franchise Association, the American Hotel and Lodging Association, the National Federation of Independent Business, the National Restaurant Association, the U.S. Hispanic Chamber of Commerce, and the National Small Business Association, among others.

“I’ll continue to work across the aisle to get these commonsense, bipartisan solutions turned into law to provide more relief to small businesses and their employees,” said Sen. Tillis.

Ripon Advance News Service

Recent Posts

Buchanan leads 120 colleagues seeking permanent ban on taxpayer-funded horse slaughter

There should be a permanent restriction on the use of taxpayer funds for horse slaughter…

5 hours ago

USPS must be up to the task of promptly delivering mail-in ballots, says Calvert

U.S. Rep. Ken Calvert (R-CA) called on Postmaster General Louis DeJoy to ensure that the…

5 hours ago

Joyce, Wicker offer resolution honoring America’s nurses

U.S. Rep. Dave Joyce (R-OH) and U.S. Sen. Roger Wicker (R-MS) on May 7 introduced…

5 hours ago

Blackburn’s bipartisan REPORT Act to protect children online gets signed into law

President Joe Biden on May 7 signed into law a bipartisan bill co-authored by U.S.…

5 hours ago

Rural healthcare protected under two newly offered bills from Feenstra

U.S. Rep. Randy Feenstra (R-IA) on May 6 proposed two separate healthcare-related bills that aim…

5 hours ago

Kelly’s amendment to repeal DOE steel-related rule passes

The U.S. House of Representatives on May 7 approved an amendment introduced by U.S. Rep.…

5 hours ago

This website uses cookies.