U.S. Chamber of Commerce Applauds Senate Passage of the Paycheck Protection Program Flexibility Act

Wednesday, June 3, 2020 - 8:15pm

WASHINGTON, D.C. - U.S. Chamber of Commerce Vice President of Small Business Policy released the following statement in response to the Senate’s passage of the Paycheck Protection Program Flexibility Act:

“The U.S. Chamber of Commerce applauds this evening’s Senate passage of the Paycheck Protection Program Flexibility Act that will help Main Street’s efforts to re-open, providing flexibility for almost 4.5 million small businesses that have received PPP loans administered by the U.S. Small Business Administration (SBA).

“New data from the MetLife & U.S. Chamber of Commerce Small Business Coronavirus Poll show that while 8 of 10 small businesses are in the process of re-opening, there is an increasing percentage (55%) who believe it will take more than 6-months to be fully operational.  That is up from 50% in April and 46% in March.  Congress deserves credit for removing barriers that could slow recovery further.  We urge the President to sign the legislation quickly and for SBA and Treasury to immediately provide guidance to small businesses on how they qualify for loan forgiveness under the new law.”