NAFEM advances PPP perspective to Congress
NAFEM, along with the U.S. Chamber of Commerce, Small Business Legislative Council (SBLC) and trade associations representing thousands of businesses of all sizes, as well as banks and credit unions, wrote to elected officials in the U.S. House and Senate to endorse the Paycheck Protection Program (PPP) Small Business Forgiveness Act. If passed, the Act would forgive PPP loans of $150,000 and under, which account for 85 percent of all PPP loans. Borrowers would need to complete a simple, one-page forgiveness document. According to the letter, “Small businesses and their employees are the backbone of our nation’s economy and communities. Their time and resources would be better focused on getting the economy safely back up and running, not processing burdensome paperwork.”
NAFEM also voiced its support for providing access to the PPP for 501(c)(6) organizations, or nonprofit associations. In a letter signed by 2,200 nonprofit associations, NAFEM also urged Congress to pass the Pandemic Risk Insurance Act to establish a system of shared public/private compensation for business interruption losses and event cancellations. In addition, the group called for Congress to pass the Skills Renewal Act that would provide people who have been laid off or furloughed due to COVID-19 a $4,000 tax credit to pursue post-secondary training and career development.