PPP reform bill includes provisions championed by Braun
JASPER, IN – Today, U.S. Senator Mike Braun released the following statement regarding President Trump’s decision to ease conditions on the Paycheck Protection Program (PPP) for small businesses. This legislation was championed by Senator Braun who worked carefully with Small Business & Enterprise Committee Chairman Marco Rubio.
“I’m proud that President Donald Trump signed the Paycheck Protection Program (PPP) reform bill into law, as I was an original cosponsor of the Senate version of this bill,” said U.S. Senator Mike Braun. “This legislation will help restaurants and other businesses by extending the PPP loan use from two months to six, allowing companies to defer their payroll taxes, and lowering the threshold used on payroll from 75% to 60%, a change I advocated for to the Administration to help Main Street businesses across the Hoosier State.”
BACKGROUND
Trump signs bill to ease guidelines on coronavirus relief loans for small businesses. “President Donald Trump signed a bill Friday to give recipients of government small business loans during the coronavirus more flexibility in how they spend the money. … The bill: cuts the share of aid recipients need to use on payroll to 60% from 75%, allows businesses to use the money for six months instead of two months, extends a June 30 deadline for companies to rehire employees, gives loan recipients a longer period of time to repay the loans and lets companies receiving loan forgiveness defer payroll taxes.” (CNBC, 06/05/20)
