Resurgent Paycheck Protection Program Prompts Regulatory Action

As we mentioned earlier this month, the December 2020 COVID relief package, formally known as the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, reanimated the then-dormant Paycheck Protection Program (PPP), originally created by the CARES Act nearly a year ago. Since its inception, the program has lent over $600 billion. The Economic Aid Act extends the …

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House Passes COVID Relief With PIA-Backed Provisions

On Sunday, December 20, Congress passed a one-day continuing resolution (CR) to keep the federal government running until midnight tonight and unveiled a deal to finalize a $900 billion coronavirus relief package, as well as a federal appropriations omnibus bill that would fund the government for the rest of the fiscal year, until September 30, …

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Congress Passes Two Day Funding Extension as Talks Continue on Coronavirus Relief Package

This evening, December 18, the U.S. House and Senate passed a last-minute continuing resolution (CR) to fund the federal government until Sunday December 20. The action came just hours before the federal government authority was due to expire. The president signed the bill into law before midnight. This averted a temporary shutdown of the federal …

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Congress Struggles to Pass Coronavirus Relief Package

Congress has passed a one-week continuing resolution that avoids a federal government shutdown and gives policymakers another week to negotiate a longer funding bill and find consensus on the details of a coronavirus relief package. Funding authority for the federal government will run out at midnight tonight, Friday, December 11, if the president does not …

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PIA Calls on Congress to Prevent Surprise Tax on PPP Loan Recipients

PIA National has issued an action alert urging Congress to prevent a surprise tax on Paycheck Protection Program (PPP) loan recipients. Included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act was a provision stating that any portion of a PPP loan that qualified for loan forgiveness “shall be excluded from gross income” for …

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Paycheck Protection Program Loan Recipients to be Disclosed

Today, December 1, the Small Business Administration (SBA) will reveal the identities of business owners who took coronavirus relief loans through the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. The SBA opposed this disclosure, which will be made in response to an order issued by U.S. District Judge James Boasberg …

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SBA Simplifies Forgiveness Process for Some PPP Loans

On October 19, 2020, the U.S. Small Business Administration (SBA) and the Treasury Department issued interim final rules (IFR) revising the process for some businesses to seek Paycheck Protection Program (PPP) loan forgiveness and lender evaluation of loan forgiveness applications submitted in accordance with the new process. These IFR offer additional guidance to further simplify …

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PIA, Allies Call for Congressional Action on PPP Loan Forgiveness

PIA National, along with dozens of allies in the business community, sent a letter November 19 calling on congressional leaders to reform the Paycheck Protection Program (PPP) loan forgiveness process before the end of the year. The letter calls on Congress to pass the Paycheck Protection Program Small Business Forgiveness Act (S. 4117/H.R. 7777), championed …

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