Thanks to the aggressive advocacy of Senator Chuck Schumer on behalf of New York’s restaurants and other small businesses, the Senate just passed the Paycheck Protection Flexibility Act, legislation that would extend deadlines and relax restrictions on how loans are used. The president is expected to sign the bill very soon.
The key provisions of the bill extend the period to use PPP funds from 8 to 24 weeks and reduce the share that must be spent on payroll from 75 to 60 percent.
The PPP has been fixed for many, but our industry faces ongoing challenges and must stay engaged in Washington. Today’s action in Congress is a big win, and we cannot thank Senator Schumer enough for fighting for us.