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 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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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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House Passes Bill to Add Funds to CARES Act Programs

Tonight, the U.S. House passed H.R. 266 by a vote of 388-5. The legislation provides $321 billion to replenish the Paycheck Protection Program (PPP), which ran out of funds last week. Also included in the $484 billion dollar package is $75 billion for hospitals and $25 billion to broaden virus testing. The U.S. Senate passed …

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Senate Passes More Funding for CARES Act Small Business Programs

Today, by voice vote, the U.S. Senate passed legislation to provide over $300 billion more for the Paycheck Protection Program (PPP), which was created by the CARES Act. Last week, PIA National worked with a broad cross-section of business and insurance groups to send a letter to Congressional leadership requesting more funding for the PPP, …

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PIA Calls for More Funding for CARES Act Loan Program

PIA National was joined this week by a broad cross section of business groups in authoring a letter to Congressional leadership calling for more funding for the Paycheck Protection Program (PPP) created by the CARES Act. The PPP section of the CARES Act provides businesses with low interest loans, which, under certain circumstances, can be …

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