While ÀÏÅ£Ó°ÊÓis pleased with Congress and the U.S. Small Business Administration’s efforts to combat the COVID-19 emergency and strengthen the American economy through the Paycheck Protection Program, members have raised concerns about current guidance and requirements.

On May 15, ÀÏÅ£Ó°ÊÓsubmitted on an implementing the temporary PPP program, urging SBA to take action on the following in order to assist small businesses:

• Expand the formula for PPP loan disbursement
• Provide further clarification on certification guidance
• Eliminate the requirement for loan recipients to dedicate at least 75% of the loan toward payroll costs
• Increase flexibility on rehiring requirements for employers
• Provide further guidance on loan forgiveness and, specifically, clarify the calculation for full-time equivalent employees to determine the total amount of loan forgiveness

The PPP was created on March 27, 2020, when President Trump signed into law the , which authorized the SBA to temporarily guarantee loans and provided immediate assistance to individuals, families and businesses affected by the current national emergency.

ÀÏÅ£Ó°ÊÓwill continue to provide updates on the PPP and other SBA resources through Newsline.