NRMCA Seeks Input on Members’ Experience with Paycheck Protection Loans
Many NRMCA members have received Paycheck Protection Program loans established by the CARES Act to provide liquidity to small businesses, allowing them to keep employees on payroll through the crisis. Since the program’s rollout, a number of issues have arisen and guidance from Treasury and the Small Business Administration has been confusing and conflicting with the legislative language. Mounting frustrations over retroactive eligibility requirements, taxability of expenses and general ambiguity have led some NRMCA members to consider returning their loans. We believe that NRMCA’s members are utilizing the PPP loans in the spirit in which Congress intended – enabling them to keep their doors open and workers on payroll through the pandemic.
The House Democratic bill included a number of provisions that will impact the PPP program, including a clarification that tax deductible expenses covered with PPP loans will remain tax deductible and extension of the time window over which the funds can be expended Several NRMCA members have communicated PPP issues to us. If you are having trouble with your PPP loan, please let us know so we can communicate needed clarifications and fixes to the Senate as it considers the next round of legislation. We want to make sure that every NRMCA member is able to utilize the program as it was intended without fear of repercussion.