NPPC: BILL PROVIDING PPP FLEXIBILITY SIGNED INTO LAW
WASHINGTON, D.C., May 15, 2020 – Today, President Trump signed into law legislation which would provide businesses with greater flexibility in how they use Paycheck Protection Program (PPP) funds and still have their loans forgiven. H.R. 7010, the Paycheck Protection Program (PPP) Flexibility Act of 2020, passed the Senate Wednesday evening and overwhelmingly passed the House last week. Specifically, the legislation would: expand the amount of time businesses have to spend the money from eight to 24 weeks; reduce the minimum that businesses need to spend from 75 percent to 60 percent if they want the full loan amount to be forgiven; extend the time period to rehire employees from June 30, 2020 to Dec. 31, 2020 and eliminate rehiring requirements; and clarify that employers in the PPP program can also benefit from the CARES Act payroll tax delay.
NPPC is the global voice for the U.S. pork industry, protecting the livelihoods of America’s 60,000 pork producers, who abide by ethical principles in caring for their animals, in protecting the environment and public health and in providing safe, wholesome, nutritious pork products to consumers worldwide. For more information, visit www.nppc.org.