Congressman Pete Olson

Representing the 22nd District of Texas

OLSON ACTS TO FORCE VOTE ON EXTENDING PAYCHECK PROTECTION PROGRAM THROUGH 2020

September 25, 2020
Press Release

WASHINGTON, DC — Rep. Pete Olson (TX-22) today acted to force a House vote to extend the much needed Paycheck Protection Program (PPP) that has helped companies stay open and save critically needed jobs. Olson signed H.Res.1116, a discharge petition that would trigger a House vote on H.R. 8265, the Paycheck Protection Program Extension Act. The measure is an attempt to force House Speaker Nancy Pelosi (D-CA) to act immediately to provide COVID-19 relief to the American people. The bill would extend the Paycheck Protection Program through the end of 2020. A discharge petition is a tool that can force a vote on a bill. It requires 218 House members to sign on to trigger a vote.

House Democrats have drawn a line in the sand refusing to provide targeted relief to businesses across America unless Republicans agree to their costly spending binge,” Olson said.“This petition is a needed to tool to end the political stalemate and get help to those who need it. Helping Americans who face businesses going under or losing their job should be a bipartisan priority. It’s shameful that Speaker Pelosi is willing to let folks suffer instead of working with us to deliver needed help. I urge my Democratic colleagues to think about the American people, sign the petition and bring this bill up for a vote.”

 Background on H.R. 8265, the Paycheck Protection Program Extension Act:

  • Opens up $135 billion in unspent PPP funds
    • Extends the PPP program through the end of 2020
    • No new funding is in this bill
  • Permits businesses to apply for second loans
    • To receive a second loan, businesses cannot have more than 300 employees and must show a quarter reduction in gross revenues
    • Gross revenues are determined by the business comparing either their first or second quarter of 2020 to the same quarter of 2019
  • Maximum loans will be dropped to $2 million
  • Includes restrictions for those applying based on revenue and size
  • Businesses cannot go over $10 million on their first two PPP loans
  • Keeps the 60/40 requirements but extends eligible expenses to include covered operations expenditures, property damage costs, covered supplier costs and Personal Protective Equipment (PPE)
  • Expands PPP eligibility to include:
    • Certain 501(c)(6) organizations with 300 or less employees
    • Nonprofit organizations that help people with developmental disabilities
  • Sets aside $25 billion for entities that have ten or less employees as well as $10 billion for community lender loans
  • Expands safe harbor for lenders and simplifies the forgiveness process
  • Allows businesses to change the loan amount if they have received a larger loan before guidance