Congress Moving Separate Bills to Change PPP Loans

Sen. Marco Rubio (R-FL), chairman of the Senate Small Business Committee, introduced legislation today to extend the Paycheck Protection Program (PPP). Rubio had been optimistic about the Senate taking the bill up today before a Memorial Day recess but the vote did not happen. Rubio said there is bipartisan support for extending the current eight-week… Read more »

ERTC Expansion Possible Area of COVID-19 Cooperation

Congressional Republicans expressed little support this week for House Democrats’ newly-drafted $3 trillion HEROES Act, but expanding the Employee Retention Tax Credit (ERTC) is a possible area of agreement for lawmakers in both parties. The new House bill, set for a Friday vote, includes language to add another $157 billion to the ERTC, which under… Read more »

SBA Shutting Out New EIDL Loan Applicants

Facing overwhelming demand from struggling businesses, the Small Business Administration (SBA) appears to have significantly limited the size of loans issued while blocking nearly all new applicants from accessing the assistance. The Economic Injury Disaster Loan (EIDL) is a longstanding SBA program that pre-dates the COVID-19 pandemic and is separate from the popular Paycheck Protection… Read more »

House COVID-19 Bill Includes Aid for All 501(c) Groups

House Democrats introduced a $3 trillion coronavirus relief package this week that expands access to the Paycheck Protection Program (PPP) for all 501(c) organizations, among numerous other provisions. ASAE and its member advocates have spent weeks urging Congress to provide specific relief through the PPP for associations impacted by the COVID-19 pandemic. All Section 501(c)… Read more »

Treasury Extends Deadline for PPP Loan Returns

The Treasury Department and Small Business Administration (SBA) announced this week an extension of the safe-harbor period for returning Paycheck Protection Program (PPP) loans to May 14. SBA had previously set a May 7 deadline for companies and 501(c)(3) nonprofit groups that received PPP loans in order to maintain payroll and other expenses during the… Read more »