Cornyn: Senate Delivers Flexibility to Small Businesses Using PPP Loan Forgiveness

I released the following statement after the Senate passed the Paycheck Protection Program (PPP) Flexibility Act of 2020, a bill to extend the amount of time businesses can use PPP funds from eight to 24 weeks and to reduce the amount that must be spent on payroll from 75% to 60% of the total loan.

As I’ve spoken to Texas small business owners over the past several weeks, I’ve repeatedly heard how vital the PPP has been during this unprecedented time. But that praise has been coupled with requests to make improvements to the program to ensure it is delivering maximum benefits. With this bill, we can soon deliver additional relief for the more than 350,000 PPP loan recipients throughout Texas.