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Congressman Thompson Takes Action to Help Mississippi’s Workers and Small Businesses, Votes to Pass Key Fixes to Paycheck Protection Program

May 28, 2020
Press Release

For Immediate Release                                                                                         Contact : Ty James            

May 28, 2020                                                                                                                  (202) 225-5876

 

 

 

Congressman Thompson Takes Action to Help Mississippi’s Workers and Small Businesses, Votes to Pass Key Fixes to Paycheck Protection Program

 

Washington, D.C. – Today, Rep. Thompson voted to pass a critical, bipartisan bill to deliver further relief for Mississippi’s small businesses. H.R. 7010, the Paycheck Protection Program Flexibility Act solves urgent issues with the Paycheck Protection Program (PPP) facing small business owners in Mississippi’s Second Congressional District and across the country who are struggling the most as a result of the coronavirus.

 

The bipartisan PPP Flexibility Act will increase flexibility and access to PPP loans including by:

  • Allowing forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;
  • Increasing the current limitation on nonpayroll expenses (such as rent, utility payments and mortgage interest) for loan forgiveness from 25 to 40 percent;
  • Extending the program from June 30 to December 31;
  • Extending loan terms from two to five years; and
  • Ensuring full access to payroll tax deferment for businesses that take PPP loans.