Change the 8 Week Paycheck Prot. Loan Deadline to Protect Employees and Small Business

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Under the Paycheck Protection Program, loans received by small businesses require them to rehire 90% of their employees and use at least 75% of the loan for payroll costs within 8 weeks of receiving the loan.  If they fail to spend this amount prior to the 8 week deadline, the loan will not be forgiven and needed to be paid back with interest.

However many businesses are still forced to be on lockdown and are unable to open. Plus with furloughed employees making an additional $600/week on unemployment, returning to pre-furlough wages without means of making tips means they will lose money.

But tragically, if an employee chooses not to take the loss and decline being rehired by the employer who received the PPP loan, they will risk losing unemployment all together.

The solution is simple. Do any of the following:

1. Extend the 8 week requirement of funds being used to 20 weeks

2. Start the 8 week stop clock AFTER a business is allowed to be reopened and able to work to close to full capacity

3.  Protect employees from losing their unemployment if they choose to decline returning to work due to safety reasons

Please SIGN and SHARE to protect those on unemployment and small business owners who do not want to interfere with their benefits during time of lockdown.