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GCCA joined a large coalition in conveying strong support of Paycheck Protection Program Small Business Enhancement Act (H.R.7894) to U.S. Congressional leadership. The bi-partisan bill would provide critical help for the small businesses which continue to face unprecedented challenges as they fight to survive and recover from the ongoing COVID-19 crisis.
If enacted, the Paycheck Protection Program Small Business Enhancement Act would:
- Provide businesses that have experienced a reduction in gross receipts of more than 20% as compared to last year with the opportunity to apply for a second Paycheck Protection Program (PPP) loan;
- Permit business to use PPP loan funds on protective equipment and COVID-19 testing expenses;
- Allow businesses to receive their regular tax deductions for eligible expenses paid with PPP loan funds;
- Provide PPP lenders with a robust safe harbor from liability for the statements and representations of borrowers; and
- Allow automatic forgiveness for loans under $150,000 while maintaining the ability of SBA to audit those loans for compliance.