NAFEM requests PPP revisions to reflect current situation
NAFEM, the Small Business Legislative Council and others called on Congress to revise the Payroll Protection Program (PPP). According to the request, “The current rules made sense when it was anticipated that stay-at-home orders would last only a few weeks. However, their implementation in the current environment is making it harder for small businesses to survive.”
Those signing the letter requested that Congress:
- Repeal the PPP rule that, to be eligible for full loan forgiveness, a borrower must use at least 75% of PPP loan proceeds on payroll costs;
- Lengthen the eight-week period for purposes of calculating loan forgiveness; and
- Extend the June 30 date for rehiring employees.