Herrera Beutler on Payroll Protection Program

Improving the Paycheck Protection Program to better assist Southwest Washington small business

Dear friend,

We want life to return to normal as soon as possible. To do so, we need small businesses in Vancouver, Ilwaco, Chehalis and elsewhere to have the tools to meet these challenging circumstances. This week, I was in D.C. to help pass legislation with vital improvements to one such tool — the Paycheck Protection Program (PPP).

I’ve been talking to many employers and business owners across our region who have echoed these same sentiments: the Paycheck Protection Program is helpful, but needs flexibility to make it work better.

I’m pleased the Paycheck Protection Program Flexibility Act passed the U.S. House and included several provisions I’ve been championing that will help our small businesses weather this crisis.
These changes are below: 

Watch my video outside the U.S. Capitol discussing this important legislation:

— Extends covered loan period from eight to 24 weeks.
— Ensures full access to employer payroll tax deferment for businesses that take PPP loans.
— Relaxes requirement that PPP loans be spent on payroll costs from 75% to 60%.
— Provides a ‘rehiring safe harbor’ for businesses to still qualify for loan forgiveness if they are unable to rehire employees due to effects of enhanced Unemployment Insurance.
— Establishes a ‘safe harbor’ for businesses to qualify for loan forgiveness if they cannot return to full business operations due to state orders and restrictions. 

I’m also continuing to update my COVID resource page, JHB.house.gov/coronavirus with additional updates on small business assistance, unemployment insurance, economic impact payments and more. 

It’s an honor to serve you in Congress. Please let me know how I can assist you. 

Sincerely,

Jaime Herrera Beutler
Member of Congress