U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) today voted in favor of H.R. 7010, legislation he co-sponsored, to provide more clarity on the purpose of the Paycheck Protection Program as small businesses continue to weather the COVID-19 crisis. The Paycheck Protection Program Flexibility Act will give small businesses more time to use emergency loans under the program by extending the eight-week period in which they must use the money to qualify for loan forgiveness to 24 weeks.

“Like millions of workers and families across the country, America’s small businesses are in need of federal support to stay afloat during this crisis. The Paycheck Protection Program was intended to help small businesses and their employees. The sensible changes passed today improve the program in both fairness and efficiency,” said Rep. Pascrell. “That the House passed this fix in such an overwhelming and bipartisan fashion shows our commitment to assisting those in need during this pandemic. Small business owners and their employees are the bedrock of our economy. We must continue to have their backs.”

One of Congress’s strongest advocates for small business initiatives, Rep. Pascrell supported the CARES Act, which established the Paycheck Protection Program, and the Paycheck Protection Program and Health Care Enhancement Act, which provided additional funds for the program. He has also remained in contact with small business owners and employees throughout the crisis. Early last month, he convened a call of dozens of North Jersey business owners to answer questions about the federal and state resources available to small businesses and their employees, and also to understand what further resources the small business community needs amid the crisis.