Congress Passes PPP Enhancements


Source: Hotel Business
June 4, 2020

WASHINGTON—The passage of the Payroll Protection Flexibility Act by Congress has been met with approval from various travel associations. The bill now requires President Trump’s signature to become law.

“America’s hoteliers applaud the House and Senate for passing the Payroll Protection Flexibility Act,” said Cecil P. Staton, president/CEO, AAHOA. “This legislation will ensure that vital corrections are made to the Paycheck Protection Program (PPP) which will provide hoteliers with more options to keep the lights on and come out on the other side of this crisis. We are pleased that several of the recommendations for which we advocated are included in this bill including the extension of the covered period for using PPP loans through the end of 2020 and allowing borrowers to use more loan proceeds to cover a greater percentage of operating costs. Making these changes effective retroactively, as if they were included in the original CARES Act, will help small businesses significantly as they work to remain open, keep workers on payroll, and emerge from this crisis as our society reopens. We urge President Trump to sign this bill into law.”

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