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Karen Kerrigan, Small Business & Entrepreneurship Council - Small Business Updates

Changes Needed to be Made for the Paycheck Protection Program (PPP)

May 29, 2020

Karen Kerrigan, President & CEO of Small Business & Entrepreneurship Council talks about the important improvements and updates to PPP included in H.R. 7010 that will make it a more effective program for small businesses. The flexibility provided by these changes aligns with the practical needs of small business owners and evolving economic conditions on the ground. The pace of recovery will vary greatly depending on state and local re-opening timelines and guidelines, and demand. Many of the changes to PPP will give small business owners the room and time they need to respond to local conditions and market demand.

“Obviously, we supported a big fix to the 75-25 rule. While disappointed by the 60-40 compromise, it was positive to see some movement on this critical issue. This will continue to be a barrier for some small businesses in accessing the program, but we are hopeful PPP loan demand will pick up once the other PPP changes are signed into law. We ask that if there is to be additional guidance forthcoming from the SBA and Treasury, once the bill becomes law, that it be clear and speedy.”

Among other provisions, H.R. 7010 includes key changes advocated by SBE Council, including:

● Extension of the covered period to December 31, 2020

● Common sense rehire flexibility rules for loan forgiveness

● Extending the 8-week loan forgiveness window to 24 weeks

SBE Council will continue to monitor and advocate for reforms of the PPP and EIDL programs. For example, SBE Council is pushing for a rule change to allow for technology software expenses as they relate to administering payroll to be included as a forgivable expense in PPP, along with other essential expenses.