The House of Representatives last week passed a bill to provide reforms to the Paycheck Protection Program (PPP). The legislation, H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020, extended the window for using the PPP funds from eight weeks to 24 weeks and revised the required 75/25% split between payroll and business expenses to 60/40%. The bill passed the House 417-1 last week as Speaker Pelosi invoked for the first time the proxy voting rules adopted by the House earlier in May. Senator Marco Rubio (R-FL), chairman of the Senate Small Business Committee, indicated that the Senate would be putting forward a separate PPP reform legislation. NRMCA has advocated for reforming the PPP and will continue to do so as Congress considers important modifications to the program.
In advocating for PPP reform, NRMCA’s priorities are:
Based on input from NRMCA members, NRMCA and our allied associations sent a letter raising concerns about retroactive forgiveness eligibility requirements for Paycheck Protection Program (PPP) loans as well as the tax deductibility of expenses. Previously, NRMCA has worked with allied associations and our state affiliates to communicate the importance of expanding eligibility for PPP loans to 501(c)6 non-profit organizations. NRMCA continues to prepare additional advocacy in support of PPP reforms to ensure that ready mixed concrete producers have the liquidity and support they need during this difficult time.
For more information, contact Andrew Tyrrell at atyrrell@nrmca.org.
National Ready Mixed Concrete Association