PPP Renewal - What's in the Bill?
Wed April 22, 2020
From the National Association of Manufacturers and ABMA.
Yesterday, the Senate passed a bill to top up the small business aid program. The House is expected to take up the package on tomorrow.
The legislation authorizes another $310 billion into the loan program designed to keep employees on small company payrolls. As you know, the initial $350 billion, created as part of the $2 trillion rescue package passed last month, ran out of funds last week.
What’s in it:
Of the $310 billion authorized, $60 billion is set aside for distribution by financial institutions that primarily work with underserved communities
- An additional $10 billion was added to the SBA’s Economic Injury Disaster Loan program
- 501(c)(6) entities are eligible for EIDL loans
- $75 billion in hospital relief
- $25 billion for coronavirus testing
What it lacks:
- 501(c)(6) organizations were not added as eligible entities for the Paycheck Protection Program
The NAM continues to push for the addition of 501(c)(6)s to the PPP program.
The NAM is calling on Congress to fix this urgent problem by funding and expanding this critical program.
Congress is on the verge of extending the Paycheck Protection Program, a crucial program to help all of our members — especially those that are smaller businesses — to access relief funds to sustain their essential operations. Before the House votes tomorrow to extend the PPP, consider posting the sample message below to your social media platforms.
- Manufacturers need Congress to fund the Paycheck Protection Program which ran out of money https://actnow.io/e4x9kWk #PPPLoans