NRMCA Urges Congress to Protect PPP Loan Forgiveness
On Tuesday, NRMCA joined a broad coalition of business groups urging Congress and the Trump Administration to guarantee and simplify the forgiveness process for Paycheck Protection Program (PPP) loans of all sizes. The Small Business Administration (SBA) released Form 3509 that requires nine pages of detailed financial information from borrowers as part of the forgiveness application. While the form appears to only apply to loans of $2 million or greater, the process may also be imposed by SBA on smaller loans according to language in SBA’s Frequently Asked Question #46. NRMCA and other pro-business groups sent a letter to Congress and another to the Trump Administration asking it to address this issue as well as urge agencies to suspend use of this form while the issue is addressed.
Long an NRMCA advocacy priority, NRMCA continues to stress to members of Congress and congressional staff the importance of providing legislative certainty and clarity that PPP loans of all sizes that businesses used to cover eligible expenses should not be subjected to retroactive forgiveness eligibility requirements. NRMCA will continue to advocate for forgiveness certainty as well as clarity on the tax deductibility of expenses and PPP eligibility for 501(c)6 organizations.
For more information, contact Andrew Tyrrell at firstname.lastname@example.org.