FOR IMMEDIATE RELEASE: June 5, 2020
CONTACT: Jo Knight, email@example.com
Arlington, VA — Today Congress acted and the president signed “The Paycheck Protection Program Flexibility Act,” enabling the fishing and seafood industries greater access to the program’s relief assistance. The improvements to the program reduce the requirement for expenses to go to payroll from 75 to 60 percent, allow the loan terms and repayment to extend from two years to five years, and lengthen the timeline to use the loans from eight weeks to 24 weeks. Robert C. Vandermark, executive director of the Marine Fish Conservation Network, released the following statement:
“Congress has addressed the shortcomings of the Payment Protection Program allowing small-scale recreational and commercial fishing businesses and the seafood supply chain to get the relief assistance they urgently need. Working waterfronts — and the numerous jobs and businesses they support — are the heartbeat of coastal communities and their economies around the nation. Today’s improvements to the PPP will help small-scale and family businesses stay afloat during these challenging times and continue to provide our country with sustainable, high quality, domestic seafood, as well as much-needed recreational opportunities on the water.
“The Network thanks Congress and the administration for listening to the unique needs of the fishing and seafood industries and enacting these changes to their federal assistance program. We look forward to working with lawmakers to continue to support our treasured coastal communities and working waterfronts in the days and months ahead.”
The Marine Fish Conservation Network is a coalition of commercial and recreational fishing associations, regional and national conservation groups, aquaria, and marine science organizations committed to sustaining fish populations, healthy marine ecosystems, and robust fishing communities.