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 …
Continue reading House Passes Paycheck Protection Program Extension
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 …
Continue reading PIA Opposes the Business Interruption Relief Act
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. …
Continue reading Senate Passes Paycheck Protection Program Deadline Extension
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
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 …
Continue reading House Eases Some Paycheck Protection Program Rules
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 …
Continue reading PIA Supports Liability Reforms Related to Coronavirus
