Thompson Votes to Pass Bill to Improve Small Business Assistance Programs
Washington – Today Rep. Mike Thompson (CA-05) voted to pass H.R. 7010, the Paycheck Protection Program (PPP) Flexibility Act. This bipartisan bill was introduced to improve the small business assistance programs launched in the wake of the Coronavirus pandemic and help get assistance to the businesses that need them the most. A statement from Thompson is below.
“Our small businesses have been hit hard by this crisis and it’s critical Congress continue to support them. I’ve heard from countless small business owners in our district who need help and have fallen through the cracks of these new programs, which is why I was proud to vote to pass this important bill today. By extending loan forgiveness and the loan terms, and loosening the limitations on nonpayroll expenses, we are giving our small businesses greater flexibility to use this assistance and help keep their lights on. I will continue fighting to bring back every federal dollar and resource to help our community get through this crisis.”
The Paycheck Protection Program Flexibility Act improves the flexibility of the PPP by extending the loan forgiveness window from 8 to 24 weeks, increasing the percentage of the loan for which businesses can cover nonpayroll expenses, extending the program from the end of June to the end of December, extending the loan terms from two to five years and ensuring full access to tax deferment for the companies that take these loans. You can click here to read more about H.R. 7010.
Congressman Mike Thompson is proud to represent California’s 5th Congressional District, which includes all or part of Contra Costa, Lake, Napa, Solano and Sonoma Counties. He is a senior member of the House Committee on Ways and Means where he chairs the Subcommittee on Select Revenue Measures. Rep. Thompson is Chairman of the House Gun Violence Prevention Task Force. He is also Co-Chair of the bipartisan, bicameral Congressional Wine Caucus and a member of the fiscally-conservative Blue Dog Coalition.