May 28, 2020

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TechNet Applauds Passage of Paycheck Protection Flexibility Act; Urges Immediate Senate Action

TechNet Applauds Passage of Paycheck Protection Flexibility Act; Urges Immediate Senate Action

"Given the precarious financial situation of many businesses that depend on PPP loans and the potential for further job loss should the Paycheck Protection Flexibility Act not reach the President's desk, TechNet urges immediate Senate action to help ensure businesses can get the help they need to keep working."

Washington, D.C. — TechNet President and CEO Linda Moore made the following statement after House passage of the Paycheck Protection Flexibility Act, which would allow forgiveness for expenses beyond the current eight-week period, eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds, eliminate restrictions limiting loan terms to two years only, ensure full access to payroll tax deferment for businesses that accepted PPP loans, and other measures. Currently, businesses must comply with all PPP requirements, including spending funds during an eight-week period and spending at least 75% of their loan total on payroll, by June 30. Working to help propel the innovation economy forward, TechNet lent its support to this legislation in the House and urges immediate Senate action.

"I commend Representatives Phillips and Roy for authoring this bipartisan legislation, which will provide much needed relief and flexibility for businesses across the country. TechNet was proud to support the Paycheck Protection Flexibility Act so our nation's job creators can continue to work to grow our economy during the worst economic downturn during many of our lifetimes. Although House passage of this legislation is a welcome first step, the work to help those who drive economic activity is far from over. Given the precarious financial situation of many businesses that depend on PPP loans and the potential for further job loss should the Paycheck Protection Flexibility Act not reach the President's desk, TechNet urges immediate Senate action to help ensure businesses can get the help they need to keep working," said Linda Moore, President and CEO, TechNet.

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