Federal Legislation Provides Financial Relief for Local Businesses
Pictured on the left is U.S. Rep. Elissa Slotkin and on the rights is SBA administrator Robert Scott
LANSING - Today U.S. Rep. Elissa Slotkin and Small Business Association Great Lakes Regional Administrator, Robert Scott, held a live webinar to answer questions about the Paycheck Protection Program Flexibility Act.
U.S. Rep. Elissa Slotkin and Small Business Association Great Lakes Regional Administrator, Robert Scott held a live webinar at 1:00 pm via Facebook live to address changes of the Paycheck Protection Program. The Paycheck Protection Program Flexibility Act which U.S. Rep. Elissa Slotkin co-sponsored, was signed into law on June 5, 2020.
Under the Paycheck Protection Program Flexibility Act:
-Businesses now have the Paycheck Protection Program for up to twenty-four weeks instead of eight.
-Increases the percentage of a small business loan that can be used for non-payroll expenses from 25% to 40%
-Extends loan terms from two years to five years to accommodate recovery time
-Allows businesses to utilize payroll tax deferments and the Paycheck Protection Program loan
-Businesses now have a rehire safety net. This allows businesses who try to rehire 100% of their staff but are unable to a chance to provide that documentation, and possibly get loan forgiveness.
During the live video U.S. Rep Elissa Slotkin and Robert Scott discussed various things like resources and money availability. Viewers could also ask questions by putting them in the comment section.
“There are $135 billion dollars left and you only have until June 30th to apply for a PPP loan.” said Small Business Association Great Lakes Regional Administrator Robert Scott
Important resources for businesses are the Small Business Administration website, the Michigan Small Business Development Center and business owners can contact Robert Scott at Robert.Scott@SBA.gov.
Both U.S. Rep. Elissa Slotkin and SBA administrator Robert Scott applauded local businesses for their patience, drive and the standing that they have in their local communities.