Charleston, WV – Yesterday, U.S. Senator Joe Manchin (D-WV) announced a legislative proposal that will provide employers greater flexibility in meeting the forgiveness requirements for the Paycheck Protection Program (PPP) loans. By extending the time frame businesses are able to utilize their funds and pay employees, from eight to 16 weeks after the date they receive their PPP funds, businesses can utilize the PPP loans in an effective way that works for their businesses. Senator Manchin has heard from numerous West Virginia business owners who have concerns about bringing employees back to work before the business is sufficiently recovered.
“It’s no secret COVID-19 has taken a toll on West Virginia businesses, especially our small businesses. Many businesses have taken advantage of the PPP loans, which have been instrumental in ensuring these businesses stay afloat and their employees receive a paycheck. My proposal would simply extend the time for eligible costs from 8 weeks to 16 weeks so small businesses are able to take full advantage of the program benefits on a timetable that works for them, without jeopardizing their eligibility for loan forgiveness. We cannot expect the PPP program to be successful if businesses are expected to bring employees back to work and begin paying down a loan before their business has had time to recover,” Senator Manchin said.
Information on the Paycheck Protection Program Extension Act can be found here.
The Paycheck Protection Program Extension Bill text can be found here.
A timeline of Senator Manchin’s actions throughout the ongoing COVID-19 pandemic can be found here.
Senator Manchin launched an information resources page where West Virginians can learn more about the coronavirus pandemic and how to protect themselves and their families. To learn more please click here.