On Thursday, May 21st, the US Chamber of Commerce reached out to members of Boards of the SBLC, S-Corp and ASAE, seeking support of this letter to Congressional and Administrative leaders asking them to quickly enact three key improvements to the Paycheck Protection Program (PPP):
- Eliminate the unnecessary 75/25 rule;
- Extend the eight-week period for purposes of calculating loan forgiveness; and
- Extend the June 30 safe harbor date for rehiring and restoration of pay.
The PPP has been the single-most effective program Congress has devised to help our businesses through the crisis and by endorsing this letter, it focuses on keeping the PPP relevant and available to our members.
Both the Senate and House are looking at moving these reforms this week.