The White House’s negotiations with Capitol Hill over a fourth coronavirus economic stimulus package failed last week after three weeks of ultimately fruitless talks. The failure to make a deal leaves businesses and employees left to survive financially as coronavirus cases rise, and several states roll back orders to reopen businesses, keeping many of them …
Continue reading Further Coronavirus Relief Uncertain; Executive Actions Taken
In July, PIA National submitted comments on two different regulatory proposals promulgated by the Small Business Administration (SBA) concerning the implementation of the Paycheck Protection Program (PPP). Since then, regulatory activity has continued apace in formal and informal ways. The latest entry in the growing literature on How to Interpret the PPP is an August …
Continue reading Paycheck Protection Program Clarifications Continue
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
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)
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 …
Continue reading PIA Urges Changes to Paycheck Protection Program
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 …
Continue reading PIA Comments on Paycheck Protection Program Rule
