Coalition Letter on Fixes to the Paycheck Protection Program

Thursday, May 21, 2020 - 9:15am

Dear Speaker Pelosi, Leader McConnell, Leader McCarthy, Leader Schumer, Secretary Mnuchin, and Administrator Carranza:

          We are writing to request emergency legislative and administrative action to: (1) repeal the Paycheck Protection Program’s (PPP) 75%-25% rule, (2) extend the eight-week period for purposes of calculating loan forgiveness, and (3) extend the June 30 safe harbor date for rehiring and restoration of pay. These steps would conform the PPP with the reality of the gradual reopening now occurring across the United States and would help ensure that more small businesses remain in operation.

          The undersigned small business organizations are grateful for the efforts underway by Congress, the U.S. Small Business Administration (SBA), and the U.S. Department of Treasury (Treasury) in the creation, development, and implementation of the PPP.  The current rules made sense when the program was created, and it was anticipated that stay-at-home orders would last only a few weeks. However, their implementation in the current environment is making it harder for small businesses to survive. Small businesses that close permanently will never be able to rehire their employees.

          These three modest changes would help ensure that the liquidity provided through the PPP can be deployed in a manner that is most likely to allow a small business to remain operational. Specifically, these changes would help small business owners who need capital for overdue rent payments, the re-start of vendor contracts, and other necessary expenses. In addition, the extended deadlines would permit a more orderly return to work consistent with the phased reopening.

          Thank you for your consideration.

Sincerely,

Academy of General Dentistry

Aeronautical Repair Station Association

Agricultural Retailers Association

AICC, The Independent Packaging Association

America’s SBDCs

American Apparel & Footwear Association

American Beverage Licensees

American Bus Association

American Council for Capital Formation (ACCF)

American Dental Association

American Farm Bureau Federation

American Foundry Society

American Gaming Association

American Home Furnishings Alliance

American Hotel and Lodging Association

American Institute of Architects (AIA)

American International Automobile Dealers Association

American Mold Builders Association

American Rental Association

American Road & Transportation Builders Association

American Society of Travel Advisors (ASTA)

American Staffing Association

American Subcontractors Association

American Veterinary Medical Association

American Wood Council

AMT – The Association For Manufacturing Technology

Asian American Hotel Owners Association (AAHOA)

Associated Builders and Contractors

Associated Builders and Contractors of Western PA

Associated Equipment Distributors

Associated General Contractors of America (AGC)

Associated Industries of Massachusetts

Building Owners and Managers Association (BOMA) International

Brick Industry Association

California Association for Micro Enterprise Opportunity (CAMEO)

California Association of Boutique & Breakfast Inns

California Hotel & Lodging Association

CCIM Institute

Commercial Food Equipment Service Association (CFESA)

Construction Industry Round Table (CIRT)

DHI – Door Security + Safety Professionals

Eastern States Hospitality Coalition (ESHC)

Electronics Representatives Association

Financial Executives International (FEI)

FMI – the Food Industry Association

Foodservice Equipment Distributors Association (FEDA)

Global Cold Chain Alliance

Golf Course Superintendents Association of America

GovEvolve

Hotel Association of Los Angeles

Hospitality Santa Barbara

HUBZone Contractors National Council

Independent Bakers Association

Independent Electrical Contractors

Independent Insurance Agents & Brokers of America

Independent Office Products & Furniture Dealers Alliance

Innovative Lending Platform Association (ILPA)

International Council of Shopping Centers

International Franchise Association (IFA)

International Sign Association

International Wood Products Association

Long Beach Hospitality Alliance

Manufactured Housing Institute

Manufacturer & Business Association

Metals Service Center Institute

Motor & Equipment Manufacturers Association

National Association for Surface Finishing

National Association for the Self-Employed (NASE)

National Association of Broadcasters

National Association of Chain Drug Stores (NACDS)

National Association of Chemical Distributors

National Association of Government Guaranteed Lenders (NAGGL)

National Association of Manufacturers

National Association of Professional Employer Organizations

National Association of Professional Insurance Agents

National Association of Surety Bond Producers

National Association of the Remodeling Industry

National Association of Trailer Manufacturers

National Association of Wholesaler-Distributors

National Automatic Merchandising Association

National Automobile Dealers Association

National Beer Wholesalers Association

National Club Association

National Community Pharmacists Association

National Confectioners Association

National Cotton Council

National Council of Chain Restaurants

National Electrical Contractors Association (NECA)

National Electrical Manufacturers Representatives Association (NEMRA)

National Federation of Independent Business (NFIB)

National Grain and Feed Association

National Independent Automobile Dealers Association (NIADA)

National Mining Association (NMA)

National Office Products Alliance

National Pest Management Association (NPMA)

National Ready Mixed Concrete Association

National Retail Federation

National Roofing Contractors Association (NRCA)

National RV Dealers Association

National Small Business Association

National Tooling and Machining Association

North American Association of Food Equipment Manufacturers (NAFEM)

North American Die Casting Association

NUCA – National Utility Contractors Association

Office Furniture Dealers Alliance

Pet Industry Distributors Association

Petroleum Equipment Institute (PEI)

Petroleum Marketers Association of America

Plumbing-Heating-Cooling Contractors—National Association

Precision Machined Products Association

Precision Metalforming Association

Professional Beauty Association (PBA)

S-Corporation Association

Secondary Materials and Recycled Textiles Association (SMART)

Security Industry Association

Small Business & Entrepreneurship Council

Small Business Council of America

Small Business Legislative Council

Society of Collision Repair Specialists (SCRS)

Southwest Cable Communications Association

Specialty Equipment Market Association

Steel Founders' Society of America

The Association for Hose and Accessories Distribution

The Institute of Internal Auditors

The Real Estate Roundtable

The Transportation Alliance

Tire Industry Association

Transportation Intermediaries Association (TIA)

Travel Goods Association (TGA)

United Fresh Produce Association

United Veterinary Services Association (UVSA)

U.S. Chamber of Commerce

Vietnam Veterans of America (VVA)

Washington Retail Association

Western Equipment Dealers Association

Wholesale Florist and Florist Supplier Association

Wine Institute

Women Impacting Public Policy (WIPP)