PPAI, Promo Industry Lend Support To Paycheck Protection Program Small Business Forgiveness Act
It is critical that industry members join PPAI in voicing their support of S. 4117, the Paycheck Protection Program Small Business Forgiveness Act, which provides automatic forgiveness for Paycheck Protection Program (PPP) loans under $150,000.
The PPP was created by Congress as one of the key provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed in March. The loan program has provided emergency funding to more than four million small businesses, enabling them to keep employees on their payrolls and apply some of the loan funds to other approved expenses. PPAI has joined several business groups in signing a letter to Congress in support of S. 4117, which was introduced by a bipartisan group of senators and would enable small businesses to focus their time and resources on their companies, instead of spending significant time navigating the complex loan forgiveness process.
According to a recent study, loan amounts under $150,000 comprise a majority of the loans approved under the PPP. The Paycheck Protection Program Small Business Forgiveness Act would enable millions of small businesses to receive forgiveness by completing a simple one-page form, ensuring they can avoid the burdensome time and cost allocations associated with navigating the loan forgiveness process.
Please join this important initiative by reaching out to your legislators in Washington, D.C., and asking them to support small businesses by supporting The Paycheck Protection Program Small Business Forgiveness Act.