PPAI has joined with more than 30 trade organizations representing a broad cross section of U.S. industries and small businesses in a letter to leadership in the U.S. House of Representatives voicing their support for the Paycheck Protection Program Small Business Enhancement Act (H.R.7894). The bi-partisan bill would assist small businesses and organizations facing unprecedented challenges during the ongoing COVID-19 crisis.
The letter asks the House Committee on Small Business to include H.R. 7894 in an upcoming markup hearing with the ultimate goal of signing these provisions into law.
The Paycheck Protection Program Small Business Enhancement Act would provide businesses that have experienced a reduction in gross receipts of more than 20 percent, as compared to last year, with the opportunity to apply for a second Paycheck Protection Program (PPP) loan; allow nonprofits, such as local chambers and trade associations, to receive PPP loans for the first time; permit businesses to use PPP loan funds on protective equipment and COVID-19 testing expenses; allow businesses to receive their regular tax deductions for eligible expenses paid with PPP loan funds; provide PPP lenders with a robust safe harbor from liability for the statements and representations of borrowers; and allow automatic forgiveness for loans under $150,000 while maintaining the ability of the SBA to audit those loans for compliance.
