Ever since the COVID-19 outbreak began, legislators in the House and Senate have taken steps to support small- and medium-sized businesses. One of the first bills to pass was the Paycheck Protection Program.
The PPP is a $669-billion business loan program established to help businesses, self-employed workers and sole proprietors continue to pay their employees. Although the PPP was founded with a noble goal in mind —to prevent layoffs during the economic downturn — it’s faced several hiccups along the way. In some cases, large, corporate companies have taken advantage, and many small business owners say they’re confused about how to use the money provided.
In an effort to clear up some of this confusion, the House recently passed the PPP Flexibility Act of 2020 (H.R. 7010). Under the updated guidelines, businesses have more flexibility to spend the cash provided. Specifically, H.R. 7010 makes several changes, including:
The updated bill passed the house on May 28. Now, it moves onto the Senate. A recent report by CNN said that Mitch McConnell is working hard to make sure the bill gets passed. Like the House, the Senate realizes the importance of making these changes to support American businesses, including petroleum marketers, convenience stores and gas stations.
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