Small Business Flexibility Act

Hozzl · 2023-12-12T06:26:27Z

Explore the details of House Bill 3798 Small Business Flexibility Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/12/2023, 6:26 AM

Summary of Bill HR 3798

Bill 118 HR 3798, also known as the Small Business Flexibility Act, aims to provide small businesses with more flexibility in how they use funds received through the Paycheck Protection Program (PPP). The PPP was established to provide financial assistance to small businesses struggling during the COVID-19 pandemic.

The Small Business Flexibility Act would extend the covered period for PPP loan forgiveness from 8 weeks to 24 weeks, giving small businesses more time to use the funds in a way that maximizes forgiveness. This extension would allow businesses to use the funds for a longer period of time, potentially helping them to retain employees and keep their businesses afloat.

Additionally, the bill would reduce the requirement for businesses to use 75% of the loan amount for payroll costs in order to qualify for full loan forgiveness. Under the Small Business Flexibility Act, businesses would only need to use 60% of the loan amount for payroll costs, giving them more flexibility to use the remaining funds for other expenses such as rent, utilities, and mortgage interest. Overall, the Small Business Flexibility Act aims to provide small businesses with the flexibility they need to weather the economic challenges brought on by the COVID-19 pandemic. By extending the covered period for loan forgiveness and reducing the payroll cost requirement, this bill seeks to support small businesses in their efforts to survive and recover from the financial impacts of the pandemic.

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Current Status of Bill HR 3798

Bill HR 3798 is currently in the status of Bill Introduced since June 5, 2023. Bill HR 3798 was introduced during Congress 118 and was introduced to the House on June 5, 2023. Bill HR 3798's most recent activity was Placed on the Union Calendar, Calendar No. 82. as of June 12, 2023

Bipartisan Support of Bill HR 3798

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 3798

Primary Policy Focus

Taxation

Potential Impact Areas

Employee benefits and pensionsHealth care costs and insuranceHealth care coverage and accessSmall business

Alternate Title(s) of Bill HR 3798

Small Business Flexibility ActSmall Business Flexibility ActSmall Business Flexibility ActTo amend the Internal Revenue Code of 1986 to inform employers of flexible health insurance benefits.

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Comments

Sponsors and Cosponsors of HR 3798

Claudia Tenney

New York(Republican)

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