Heroes Act Opens Paycheck Loan Program to Non-Profits
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The Heroes Act makes all non-profit organizations eligible to apply for Paycheck Protection Program (PPP) loans. Previously, only 501(c)3 and (c)19 non-profit organizations were eligible for relief. The initial draft of the Heroes Act did not include any restrictions on these loans, however an amendment adopted by the House Rules Committee tweaked the calculation of payroll to exclude federally registered lobbyists and 501(c)4 non-profit organizations that have or will make contributions or expenditures during the current election cycle.
If enacted, this provision will allow NRMCA and other associations, as well as state affiliates and state chambers of commerce to apply for PPP loans. This is a direct result of the actions of NRMCA, allied associations, and the thousands of state and national non-profits that advocated Congress for these changes.
For more information, contact Andrew Tyrrell at atyrrell@nrmca.org.
