releases: https://mcadams.house.gov/news/documentsingle.aspx?DocumentID=347
Data license: MIT · Data source: dwillis/congress-press
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| https://mcadams.house.gov/news/documentsingle.aspx?DocumentID=347 | Small business loan program improvements passed by House, Senate, become law | 2020-06-05 | 2020 | 2020-06 | Democrat | House | UT | Ben McAdams | M001209 | mcadams.house.gov | legacy | Small business loan program improvements passed by House, Senate, become law Provides crucial loan forgiveness flexibility June 5, 2020 West Jordan, UtahCongressman Ben McAdams said with House and Senate passage and the President's signature on bipartisan legislation, small businesses now have more flexibility on terms for Paycheck Protection Program loan forgiveness. The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) takes effect just as loan forgiveness applications are due from small businesses who first received loans in early April. Utah led the country in processing these loans so that small businesses could provide paychecks to hard-working employees during the COVID-19 shutdown. Many small businesses, through no fault of their own, may not be open or fully functional within 8 weeksthe original deadline to spend the funds for loan forgiveness, said McAdams. Now they have more time and more flexibility to make qualifying expenditures for loan forgiveness. McAdams signed onto the legislation, which was endorsed by the bipartisan Problem-Solvers Caucus, after hearing from both lenders and small businesses about the need for improvements to the original Paycheck Protection Program (PPP). Utah financial lenders alone processed nearly 48,000 loan applications totaling $5.2 billion to Utah small businesses. The program is designed to help small businesses stay afloat and keep employees on the payroll during the economic shutdown response required by the public health risk from the coronavirus. Among other things, McAdams said it will: Extend the PPP loan forgiveness period to include costs incurred over 24 weeks after a loan is issued, or through Dec. 31, whichever comes first. Businesses that received a loan before the measure is enacted could keep the current eight-week period. Maintain forgiveness amounts for businesses that were unable to rehire employees or find similarly qualified workers by the end of the year. Give borrowers greater flexibility to use the funds without limiting loan forgiveness. The Small Business Administration will now be able to include the provisions in guidance it prepares for lending institutions and small business loan recipients. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |