NATSO joined a coalition representing small businesses in urging Congress to enact the Paycheck Protection Program Small Business Enhancement Act (H.R.7894) and provide critical help for the small businesses and organizations that continue to face unprecedented challenges from the ongoing COVID-19 crisis.
The letter was signed by 30 organizations representing a broad spectrum of the small business community, including the International Franchise Association, National Small Business Association, Tire Industry Association, Transportation Intermediaries Association, Small Business Legislative Council and the Chamber of Commerce.
The groups urged the House Committee on Small Business to include H.R. 7894 in an upcoming markup hearing, with the ultimate goal of enacting it into law.
If enacted, the Paycheck Protection Program Small Business Enhancement Act would:
- Provide businesses that have experienced a reduction in gross receipts of more than 20 percent as compared to last year with the opportunity to apply for a second Paycheck Protection Program (PPP) loan;
- Allow 501(c)(6) nonprofits, like local chambers and trade associations, to receive PPP loans for the first time;
- Permit business to use PPP loan funds on protective equipment and COVID-19 testing expenses;
- Allow businesses to receive their regular tax deductions for eligible expenses paid with PPP loan funds;
- Provide PPP lenders with a robust safe harbor from liability for the statements and representations of borrowers; and
- Allow automatic forgiveness for loans under $150,000 while maintaining the ability of SBA to audit those loans for compliance.
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