I wanted to share a couple of things with you. On Thursday, the House passed the bipartisan Paycheck Protection Program (PPP) Flexibility Act on a near-unanimous vote. It expands the PPP to make it easier for the loan to be forgiven and more accessible to small businesses that need it the most.
Here’s what the bill specifically does:
- Allowing loan forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;
- Increasing the current limitation on the use of loan proceeds for non-payroll expenses from 25 percent to 40 percent;
- Extending the program from June 30 to December 31;
- Extending loan terms from two years to five years;
- Ensuring full access to payroll tax deferment for businesses that take PPP loans;
- Read more here.
If you’re having trouble accessing PPP or EIDL or need more information, call my office at 714.459.4575 or check out my small business loan guide.
- Unemployment: Click here for crucial, timely information for those who have filed a claim for Unemployment Insurance benefit payments.
- Stimulus checks: Stimulus checks that weren’t distributed electronically to your bank account will be sent by mail. NOTE: Some payments are being sent by prepaid debit card. The debit cards arrive in a plain envelope from “Money Network Cardholder Services.” More info, click here.
- Helping Older Adults: The State of California has compiled information and resources for older adults and people with disabilities. Whether it’s getting groceries or meals, medicine or medical attention, or community check-ins, click here.
- Cisneros In Your City Town Halls: Thank you again for everyone who joined me for my town halls. Here is a video playlist of all the town halls I did if you weren’t able to tune in or wanted to rewatch again. Click here.
Please continue to stay safe, practice social distancing, wear a face mask, and practice safe hygiene. As always, if you have any immediate questions or concerns about the coronavirus, please reach out to my office at 714-459-4575 or go to my website for my coronavirus resource page.
I am humbled to serve you in Congress.
Gilbert R. Cisneros, Jr.
Member of Congress