Paycheck Protection Program Largely Depleted

The Paycheck Protection Program (PPP) was a key piece of the CARES Act, one of the first COVID relief laws passed last spring, now over a year ago. Administered by the Small Business Administration (SBA) and modified several times by Congress, the PPP offers forgivable loans to small businesses facing economic peril because of the …

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PPP Extension Act Passes House

On the evening of March 16, the U.S. House passed H.R. 1799, the PPP Extension Act of 2021, by a vote of 415-3. PIA supports this bipartisan legislation and has been advocating for its passage, along with a broad coalition of business groups, which would extend the Paycheck Protection Program (PPP) beyond its current expiration …

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PIA Supports PPP Extension Bill

PIA is working with a large coalition of business groups to support legislation that would extend the timeframe in which small businesses can apply for Paycheck Protection Program (PPP) loans and in which the Small Business Administration (SBA) may process the applications. The push to pass the PPP Extension Act of 2021 is led by …

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Temporary Paycheck Protection Program Limits Imposed by Biden Admin

As we mentioned last month, the December 2020 COVID relief package, formally known as the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act[1], has reanimated the previously-dormant Paycheck Protection Program (PPP), originally created by the CARES Act nearly a year ago. Last week, the Biden administration announced that the PPP will be available only to the nation’s …

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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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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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Member Spotlight: Kevin Cramer (R-ND)

Kevin Cramer was elected to the U.S. Senate from North Dakota in 2018. Previously, he served as North Dakota’s At-Large Member in the U.S. House. Prior to joining Congress, Sen. Cramer served as a commissioner on the North Dakota Public Service Commission. Sen. Cramer received a BA from Concordia College and a master’s degree in …

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