NRMCA Voices Concern Over Paycheck Protection Loans with Congress
On behalf of the Highway Materials Group, NRMCA has drafted and sent a letter to Capitol Hill that details concerns about retroactive forgiveness eligibility requirements for Paycheck Protection Program (PPP) loans. While the PPP has enabled many NRMCA members to retain their employees and keep their doors open during this crisis, retroactive forgiveness eligibility requirements have become a great cause of concern for NRMCA members. These concerns deal with certifications of necessity and tax deductibility of expenses. NRMCA raised the issue with multiple Members of Congress and congressional offices, following up with a letter to the Hill outlining our concerns and requesting that Congress provide certainty for small businesses that received and utilized PPP loans in the spirit in which they were intended.
While the Small Business Administration issued guidance addressing loans under $2 million and the Heroes Act addresses the tax deductibility of expenses, NRMCA calls on Congress to ensure that these are resolved in future legislation. In addition, NRMCA joined with the U.S. Chamber of Commerce, Associated General Contractors and other organizations in sending a letter asking Congress to address these and other issues with PPP loans.
See related E-NEWS item directly below. For more information, contact Andrew Tyrrell at email@example.com.