The House is scheduled today to consider two bills related to coronavirus aid. H.R. 7010 from Rep. Dean Phillips (D-Minn.) and 35 bipartisan cosponsors would give businesses more time and flexibility to make qualifying expenditures for loan forgiveness under the Paycheck Protection Program, and allow businesses with forgiven loans to defer payroll taxes.
The House also will take up a modified version of the bill that would require businesses seeking loan forgiveness to spend at least 60 percent of covered funds on payroll expenses. Some restaurants said the current 75 percent rule doesn’t give them enough flexibility to cover nonpayroll costs such as rent and utility payments, especially while employees are laid off. The introduced bill would have scrapped the requirement altogether, according to Bloomberg.
(The Small Business Administration on May 22 released interim final rules related to the Paycheck Protection Program. The rules outline procedures for borrowers to calculate costs eligible for loan forgiveness in the PPP, how the SBA will review individual loans for forgiveness, and details of the loan forgiveness process for lenders.)
A second measure, H.R. 6782 would require the SBA to issue a report on entities that received more than $2 million in small business aid under the CARES Act and the measure that replenished the PPP.
The Senate put off action on a bipartisan proposal to extend the PPP and make other changes to the initiative before leaving last week for a week-long recess.
Subscribe to Updates
NATSO provides a breadth of information created to strengthen travel plazas’ ability to meet the needs of the travelling public in an age of disruption. This includes knowledge filled blog posts, articles and publications. If you would like to receive a digest of blog post and articles directly in your inbox, please provide your name, email and the frequency of the updates you want to receive the email digest.