Washington, DC — TechNet President and CEO Linda Moore made the following statement regarding Senate 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 Senate and urges the President to sign it immediately.
“This bill builds on the Paycheck Protection Program by providing more flexibility so businesses can stay solvent, keep current employees, and rehire others. TechNet was proud to support this bill in Congress because it allows businesses to make decisions that benefit their employees instead of being forced to make decisions based on arbitrary metrics. We urge the President to sign this bill immediately so businesses and their employees can experience its full benefit.”