On Feb. 16, ABC submitted comments to the U.S. Department of the Treasury and U.S. Small Business Administration on an interim final rule reopening the Paycheck Protection Program for new borrowers and certain existing PPP borrowers and extending the program through March 31, 2021.
In its comments, ABC expressed support for reopening the PPP and expanding the program’s eligibility to include 501(c)(6)s, housing cooperatives and destination marketing organizations, among other types of organizations, allowing borrowers to apply for a Second Draw PPP Loan and more.
ABC also urged the agencies to take the following actions in order to further assist small businesses:
- Provide further guidance on the eligibility status of 501(c)(6) organizations and the definition of “lobbying activity”
- Remove the requirement for certain PPP recipients to complete the Loan Necessity Questionnaire
- Refocus efforts to deliver PPP funds to underserved communities and minority businesses
- Ensure businesses can optimize the Employee Retention Tax Credit and PPP forgiveness
ABC continues to monitor the implementation and revisions to the PPP and submitted comments on a previous rulemaking related to the program.
ABC will continue to provide updates on the PPP and other SBA resources through Newsline and at abc.org/coronavirus.