FOR IMMEDIATE RELEASE: May 28, 2020
CONTACT: Jo Knight, email@example.com
Changes address some barriers to relief assistance for small-scale fishing and seafood-related businesses
Arlington, VA – Today the House of Representatives passed “The Paycheck Protection Program Flexibility Act” (H.R. 7010), which reduces the requirement for expenses to go to payroll from 75 to 60 percent, allows the loan terms and repayment to extend from two years to five years, and lengthens the timeline to use the loans from eight weeks to 24 weeks. Robert C. Vandermark released this statement following the House vote.
“Small-scale fishing and seafood businesses need funding stability to make it through these unprecedented times. These businesses have unique business models that have made applying for relief under the Paycheck Protection Program incredibly challenging. We thank the House of Representatives for listening to small businesses and improving the Paycheck Protection Program so that federal funding can assist small business owners and workers as the program intended.
The Network recognizes Representatives Dean Phillips and Chip Roy for their leadership in today’s House action, and we hope Congress will pass these improvements – as well as necessary additional federal assistance for small businesses that sustain America’s working waterfronts – as quickly as possible.”
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.