PIA Seeks to Simplify PPP Loan Forgiveness Process

On July 9 PIA National was joined by over 100 business groups on a letter of support for S. 4117,  the Paycheck Protection Program Small Business Forgiveness Act, sponsored by Senators Kevin Cramer (R-ND) and Kyrsten Sinema (D-AZ). Businesses that have received Paycheck Protection Program (PPP) loans can apply for loan forgiveness if they abide …

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House Passes Paycheck Protection Program Extension

Tonight, the U.S. House passed S. 4116 by unanimous consent. The bill extends the deadline for businesses to apply for coronavirus aid through the Paycheck Protection Program until August 8th. This action follows the U.S. Senate which passed the bill last night hours before the program’s authorization to lend funds expired. The program still has …

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PIA Opposes the Business Interruption Relief Act

This week, Rep. Mike Thompson (D-CA) introduced H.R. 7412, the Business Interruption Relief Act, which would create a voluntary program for insurers in which they could retroactively pay business interruption (BI) claims and be reimbursed by the federal government. PIA National opposed similar legislation introduced in the spring, and we oppose this legislation for many …

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Senate Passes Paycheck Protection Program Deadline Extension

On June 30, a few hours before the Paycheck Protection Program (PPP) expired, the U.S. Senate passed by unanimous consent a bill to extend the deadline for businesses to apply for coronavirus PPP aid until August 8th. The program’s authorization to give out money ended June 30 with over $130 billion left unused. The U.S. …

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Busy July Ahead for Potential Coronavirus Legislation

As the country continues to grapple with the health and financial effects of the coronavirus, the summer season is upon us, and with it comes an effort by Congress to put together one more large coronavirus relief bill. PIA National spent much of the spring encouraging Congress to provide immediate financial assistance to small businesses …

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Paycheck Protection Program: Legislative Update (Part 2 of 2)

Earlier this month, Congress passed and the president signed H.R. 7010, the Paycheck Protection Program Flexibility Act, expanding the “covered period” (see yesterday’s post for details) from eight to 24 weeks. In other words, thanks to the modifications in H.R. 7010, employers now have an extra 16 weeks in which to spend their PPP loan …

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Paycheck Protection Program: Regulatory Update (Part 1 of 2)

The Paycheck Protection Program (PPP), a new loan program created within the Treasury Department’s Small Business Administration (SBA) as part of the CARES Act, was designed to provide an avenue of potential loan forgiveness for those businesses whose borrowing and spending met certain requirements. Today in Part 1, we’ll go over the main points of …

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