House Passes Gottheimer-Cosponsored Bipartisan Bill for PPP Flexibility to Help North Jersey Small Businesses

May 28, 2020

Newly passed bill makes key fixes to Paycheck Protection Program

On Thursday, May 28, 2020, the House of Representatives passed the bipartisan Paycheck Protection Program (PPP) Flexibility Act, cosponsored by U.S. Congressman Josh Gottheimer (NJ-5), in a 417-1 vote. The bill makes important fixes and provides essential flexibility to PPP loans that will help small businesses and jobs in North Jersey.

Gottheimer spoke on the House floor today in favor of the PPP Flexibility Act.

“I’ve heard over and over again from small businesses in my community in northern New Jersey that they are so grateful for the PPP loan forgiveness program and all the jobs and businesses it helps protect — but they need more flexibility with the formula and time frame,” said Congressman Josh Gottheimer (NJ-5) on the House floor today. “They need more time with the loan and more flexibility in how to spend it, from salaries to rent. I’m proud that this bipartisan legislation does exactly that.”

Gottheimer continued, “New Jersey’s economy, including all of our small businesses, want to make sure their businesses can stay open at the end of this pandemic, they want to keep all their workers, they want to keep giving back to our communities, they want to grow our businesses, and give back to our state — but they need our help. I’m hoping the Senate acts quickly to take it up.”

According to the most recent data from the U.S. Small Business Administration, more than 131,000 PPP loans have been processed to New Jersey’s small businesses, totaling more than $16.8 billion. More PPP loans are being processed each day. 

The bipartisan bill, which was endorsed by the Problem Solvers Caucus, co-chaired by Gottheimer, will create more flexibility for small businesses by:

  • Extending the forgiveness period for expenses from 8 weeks to 24 weeks;
  • Increasing the ratio limitation on the use of loans for non-payroll expenses — like rent, mortgage, and utilities — from 25% to 40;
  • Eliminating two-year loan repayment restrictions for future borrowers by extending loan terms from two years to five years;
  • Ensuring full access to payroll tax deferment for PPP recipients; and
  • Extending the June 30 rehiring deadline.

Watch Gottheimer’s remarks on the House floor HERE


Recent Posts

May 24, 2024

RELEASE: Gottheimer Joins Congregation Bnai Yeshurun to Discuss Rising Antisemitism and Standing Against Hate at Home

Above: Gottheimer speaking at Congregation Bnai Yeshurun. TEANECK, NJ — U.S. Congressman Josh Gottheimer held a fifth community discussion at Congregation Bnai Yeshurun. Gottheimer dialogued with Rabbi Elliot Schrier about rising antisemitism — online, on campuses, and in North Jersey communities — and his work to combat it. During the event, Congressman Gottheimer highlighted the record […]

May 23, 2024

RELEASE: Gottheimer, D’Esposito Introduce New Legislation to Hold the MTA Accountable for its Hypocrisy

Above: Gottheimer and D’Esposito announcing new legislation to stop MTA CEO Janno Lieber from using federal funds for a taxpayer-funded vehicle. WASHINGTON, DC — Today, Thursday, May 23, 2024, U.S. Representatives Josh Gottheimer (NJ-5) and Anthony D’Esposito (NY-4) introduced new legislation to stop MTA CEO Janno Lieber’s continued Congestion Tax hypocrisy. While hardworking commuters, nurses, teachers, […]

May 22, 2024

RELEASE: House Passes Gottheimer-led Bipartisan Legislation to Modernize Crypto Regulation and Protect Consumers

Above: Gottheimer on the House floor. WASHINGTON, DC — Today, Wednesday, May 22, 2024, the Financial Innovation and Technology for the 21st Century Act (FIT21), which U.S. Congressman Gottheimer helped negotiate in the Financial Services Committee, passed the House with bipartisan support. This bipartisan legislation clarifies regulation for digital assets, bolsters consumer protection, and ensures […]