As delays continue to plague the process, policymakers are still negotiating over what to include in the next coronavirus relief package, which is likely to be the last major coronavirus law passed before the presidential election. PIA National continues to support the creation of a Recovery Fund that will enable small businesses to receive the relief they need to stay afloat and keep their workers employed. PIA National is also working on other vital issues that we believe need to be addressed in pending legislation.
Streamlining Loan Forgiveness
PIA National, along with a broad coalition of business groups, strongly supports H.R. 7777, “The Paycheck Protection Program Small Business Forgiveness Act,” sponsored by Reps. Chrissy Houlahan (D-PA) and Fred Upton (R-MI). This bill, a companion bill to Senate legislation introduced earlier this month, would ensure small business owners can focus their time, energy, and resources on rebuilding their businesses and communities, instead of allocating significant time and resources to completing complex forgiveness forms.
The legislation would forgive Paycheck Protection Program (PPP) loans of less than $150,000 upon the borrower’s completion of a simple, one-page forgiveness document. PPP loans of $150,000 and under account for roughly 86 percent of total PPP loans. Expediting the loan forgiveness process for such businesses will ease their burden, freeing them to work to stay viable.
PIA National is actively working with a large coalition of business groups to include the features of this bill in the next coronavirus package. We are also continuing to work on other issues related to improving the PPP borrowing and forgiveness processes, like repealing the payroll percentage requirement for loan forgiveness and ensuring that proceeds from PPP loans are not taxable.
PIA National is also working with a large coalition to advocate for a bill to provide limited liability protection to employers, health care providers, and education facilities from legal action related to the Coronavirus. To that end, we support S. 4317, the SAFE TO WORK (Safeguarding America’s Frontline Employees To Offer Work Opportunities to Kickstart the Economy) Act and encourage its inclusion in the next coronavirus package.
This bill acknowledges that, as businesses begin to reopen, despite scrupulously following applicable federal, state, and local government guidelines, they will be forced to defend against an onslaught of frivolous lawsuits. This legislation provides temporary and targeted liability relief provisions that would ensure that unfair lawsuits against employers do not impede the American people’s social and economic recovery.