PMAA Urges Congress To Make Improvements To Paycheck Protection Program
PMAA joined several associations in sending a letter to Congress in strong support for “The Paycheck Protection Program Small Business Forgiveness Act” (S. 4117) (H.R. 7777), sponsored by Senators Kevin Cramer (R-ND), Bob Menendez (D-NJ), Thom Tillis (R-NC), Kyrsten Sinema (D-AZ) as well as Reps. Chrissy Houlahan (D-PA) and Fred Upton (R-MI).
The bill would streamline the forgiveness process for small businesses who received PPP loans of less than $150,000 upon the borrower’s completion of a simple, one-page forgiveness document.
PMAA also signed a letter in support of the “Paycheck Protection Program (PPP) Small Business Enhancement Act” (H.R. 7894).
The will 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 PPP loan; 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 and allowing automatic forgiveness for loans under $150,000 while maintaining the ability of the Small Business Administration (SBA) to audit those loans for compliance.