The Paycheck Protection Program (PPP) is one of the most important federal relief programs for small businesses. To support small retailers, Washington Retail is continuing to track revisions, trends, and share relevant documents.
Last week, we pushed out a campaign for our audience to urge members of Congress to extend a payroll spending mandate from 8-weeks to 16-20 weeks upon receiving the PPP loan. This week, Washington Retail is signing on to support the U.S. Chamber of Commerce’s letter to Congress and the Treasury to make three changes to the PPP:
- Repeal the 75% payroll spending mandate
- Extend the eight-week period spending on payroll as a condition for forgiveness
- Extend the June safe harbor date for rehiring and restoration of pay
The Wall Street Journal article published on May 17 indicates that lawmakers and government officials are preparing to make “significant changes” to this program due to criticism and businesses’ cooling demand for it.
Whether these changes become true or not, the U.S. Chamber of Commerce’s VP and Chief Policy Officer, Neil Bradly, recommends following all current forgiveness guidelines because most of the needed changes take an act of Congress.
Below are a few important documents related to loan forgiveness and usage:
- Last week, The Small Business Administration just issued the Paycheck Protection Program’s loan forgiveness application form.
- On May 13, the Treasury issued an FAQs for PPP.
- The Treasury published this PPP Fact Sheet in April.
You may find other up-to-date documents from the Treasury’s Assistance for Small Business site. Please do not hesitate to contact Rose Gundersen for questions related to the PPP program. 360-704-0049 or Rgundersen@waretailservices.com