Olson Acts to Force Vote on Extending Paycheck Protection Program Through 2020

Press Release

Date: Sept. 25, 2020

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