House Passes Worldwide ERC-Supported PPP Flexibility Act

The U.S. House passed a bipartisan bill allowing businesses to receive both loan forgiveness and payroll tax deferment, provisions for which Worldwide ERC® continues to advocate for as the bill moves forward to the U.S. Senate.

On 28 May, the U.S. House of Representative passed the Paycheck Protection Program Flexibility Act (H.R. 7010). In an initial win for Worldwide ERC®’s advocacy efforts on behalf of the talent mobility industry, the bill allows for businesses to apply for both loan forgiveness and payroll tax deferment, providing businesses with more flexibility in using and repaying their PPP loans under the CARES Act. The bill now moves to the Senate for consideration where bipartisan efforts are likely to continue as Worldwide ERC® advocates for these provisions.

Worldwide ERC® previously reported on H.R. 6866, a bill similar to the recently passed bill. Yesterday’s bill, H.R. 7010, passed by a bipartisan vote of 471-1, showcasing overwhelming support of this issue that’s critical to the talent mobility industry and Worldwide ERC® members.

Worldwide ERC® has advocated extensively on such issues impacting businesses, reaching out in April to Congressional leaders in a letter to House Speaker Nancy Pelosi and a letter to Senate Majority Leader Mitch McConnell. Our April letters specifically advocated for loan forgiveness and payroll tax deferment.

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How This Impacts Mobility

Should the Senate pass and the President enact a bill that contains these provisions, the economic relief will provide important support for businesses while the U.S. economy is working to reopen. Many Worldwide ERC® members are small and medium-sized businesses directly affected by the current economic downturn and will benefit directly. Worldwide ERC® will continue to advocate for these and other appropriate relief measures on behalf of our members.

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