Treasury, Congress Act on Paycheck Protection Program

There have been two updates to the Paycheck Protection Program (PPP) in the last week, reports NRMCA Government Affairs staff.

• On Monday, July 6, Treasury and the Small Business Administration announced the release of information on businesses receiving more than $150,000 in PPP loans. The release indicated that the program had issued 4.9 million loans, supported 51 million jobs and that the average loan size was just over $100,000. You can view the data here.
• President Trump signed legislation to extend the application window to August 8; the loan program was originally scheduled to close on June 30. Of the more than $600 billion appropriated for the program, $132 billion remains available for lending. Companies seeking PPP loans may apply for a loan through August 8.

NRMCA has advocated for additional reforms to the PPP program, including clarification on tax deductible expenses, certainty on forgiveness eligibility and opening the program to 501(c)6 organizations.

For more information, contact Andrew Tyrrell at atyrrell@nrmca.org.