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SEARCHThe law will extend the June 30 rehiring deadline and the expense forgiveness period, and reduce the 75% payroll ratio requirement.
The Paycheck Protection Flexibility Act will extend the June 30 rehiring deadline and the expense forgiveness period, and reduce the 75% payroll ratio requirement.
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WASHINGTON, D.C. — President Trump signed into law on Friday the Paycheck Protection Program Flexibility Act, which aims to bolster support to small businesses and provide more latitude on applying loan funds from the Paycheck Protection Program (PPP) during the COVID-19 pandemic.
As School Bus Fleet previously reported, the Paycheck Protection Program Flexibility Act is designed to create more flexibility for small businesses by:
• Extending the expense forgiveness period from eight weeks to 24 weeks.
• Reducing the 75% payroll ratio requirement.
• Eliminating two-year loan repayment restrictions for future borrowers.
• Allowing payroll tax deferment for PPP recipients.
• Extending the June 30 rehiring deadline.
The bill was co-authored by Rep. Dean Phillips (D-MN) and Rep. Chip Roy (R-TX). It passed the House on May 28 and the Senate on June 3.
The National School Transportation Association (NSTA) supports the revisions that were made to the PPP through the Paycheck Protection Program Flexibility Act, Curt Macysyn, the association's executive director, told School Bus Fleet.
"As the effects of the COVID-19 pandemic continue to evolve, we are appreciative of the efforts of the president and Congress to provide relief to school bus contractors and other small businesses around the country,” he said.
The PPP is part of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law by President Trump on March 27 to mitigate the economic damage wrought by the COVID-19 pandemic.
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