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 …
Continue reading Busy July Ahead for Potential Coronavirus Legislation
PIA National was joined by over 100 other business groups to support the Jumpstarting Our Businesses’ Success Credit (JOBS Credit) Act of 2020 (H.R. 6776), which will make several improvements to the Employee Retention Tax Credit (ERTC). The ERTC, which was created by the CARES Act, encourages businesses of all sizes to retain their employees, …
Continue reading PIA Supports Employee Tax Credit Reform Bill
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 …
Continue reading Paycheck Protection Program: Legislative Update (Part 2 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 …
Continue reading Paycheck Protection Program: Regulatory Update (Part 1 of 2)
On June 3, the U.S. Senate passed H.R. 7010, the Paycheck Protection Program Flexibility Act, by unanimous consent. The bill extends the window for businesses to be able to spend the funds loaned under the program. The House passed this bill on May 28th, and the president is expected to sign it into law. The …
Continue reading Senate Passes Paycheck Protection Flexibility Bill
