House Eases Some Paycheck Protection Program Rules

The U.S. House today passed H.R. 7010, the Paycheck Protection Program Flexibility Act, by a vote of 417-1. The bill, sponsored by Rep. Dean Phillips (D-MN), would relax restrictions on Paycheck Protection Program (PPP) loans and make it easier for businesses to have them forgiven. The legislation allows businesses that have received PPP loans and …

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PIA Supports Liability Reforms Related to Coronavirus

PIA National, along with over a hundred organizations from the business community, today sent a letter to ask Congress to enact temporary and targeted liability relief legislation related to the COVID-19 pandemic. Such temporary protections are necessary to protect businesses from potentially spurious lawsuits arising out of the pandemic. The letter notes that, as parts …

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PIA Urges Changes to Paycheck Protection Program

PIA National today sent a letter, along with over 100 business associations, to request key changes to the Paycheck Protection Program (PPP) in the CARES Act. The letter asks for the repeal of the Paycheck Protection Program’s (PPP) 75%-25% rule, as well as to extend the eight-week period for purposes of calculating loan forgiveness, and …

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PIA Comments on Paycheck Protection Program Rule

On May 15, PIA National submitted a response to the interim final rule promulgated by the U.S. Small Business Administration (SBA) regarding its implementation of the Paycheck Protection Program (PPP). The PPP was created by H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Pub. L. 116-136). In the CARES Act, Congress authorized …

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House Passes $3 Trillion Coronavirus Package

On the evening of May 15, the U.S. House voted 208-199 to pass a $3 trillion legislative package. H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, would provide states and local governments with nearly $1 trillion that could be used to replace drastic revenue shortfalls. H.R. 6800 also includes several amendments to the Paycheck …

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House Releases Proposed Coronavirus Relief: Part 5

House Democrats have released a $3 trillion legislative package, which would be Congress’ fifth coronavirus response package. The 1,815-page bill, which was introduced yesterday as H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, would provide states and local governments with nearly $1 trillion that could be used to replace drastic revenue shortfalls. House leadership …

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Treasury Dept. Disapproves of Retroactive BI

The U.S. Department of the Treasury has responded to letters, which PIA National strongly supported, from several House members and Senators urging the administration to oppose retroactive business interruption (BI) proposals. The letter from Treasury to policymakers noted that it shares concerns that retroactive BI proposals would undermine the contractual nature of existing insurance obligations …

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IRS Says Small Business Loans Are Taxable Income

Last week, the Internal Revenue Service (IRS) issued Notice 2020-32, which announced that business expenses that are normally tax deductible but are expected to be forgiven as part of loans provided in accordance with the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, …

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