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AMAC Supports Bill to Update Paycheck Protection Program

AMAC
This legislation updates the Paycheck Protection Program rules to provide flexibility for businesses to continue to financially protect workers.

May 27, 2020

The Honorable Dean Phillips
Minnesota 3rd Congressional District
1305 Longworth House Office Building
Washington, DC 20515

The Honorable Chip Roy
Texas 21st Congressional District
1319 Longworth House Office Building
Washington, DC 20515

Dear Congressmen Phillips and Roy,

On behalf of our more than 2.1 million members, the Association of Mature American Citizens (AMAC) is writing in support of the “Paycheck Protection Program Flexibility Act of 2020.” Seniors running and working for small businesses are a key part to America’s economic recovery.

Seniors are one of the most at-risk populations for coronavirus, however they are also one of the largest groups of small business owners and will be responsible for putting Americans back to work in the coming recovery. More than one-quarter of all new business starts are by seniors ages 55-64. Of the 6.5 million new businesses created each year, more than 1.5 million are started by seniors.

This legislation aims to address the much-needed changes for the Payroll Protection Program. When the program was first created two months ago the full impact of the COVID-19 pandemic had not yet hit millions of American small businesses as it has today. Your legislation will update the program rules to provide flexibility to help businesses continue to protect workers.
The Paycheck Protection Program Flexibility Act will:
• Allow forgiveness for expenses beyond the 8-week covered period.
• Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds.
• Eliminate restrictions that limit loan terms to 2 years.
• Ensure full access to payroll tax deferment for businesses that take PPP loans.
• Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance.

Enacting these changes will make it easier for businesses impacted by COVID-19 to recover from the economic harm caused by this pandemic. We commend you and your cosponsors for putting forth this legislation and urge Congress to quickly enact it.

Sincerely,

Bob Carlstrom
President
AMAC Action

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