“The PPP loan program has been a vital financial assistance tool for small business owners throughout the COVID-19 pandemic,” said Kevin Kuhlman, VP of Federal Government Relations. “Small business owners would benefit from legislative and regulatory modifications to the program to further help their economic recovery. We are hopeful that Congress will do the right thing and extend the authorization deadline and allow owners more time to have access to this vital program.”
NFIB submitted the following priorities and recommendations to the Committee:
- Extend the authorization for PPP beyond March 31, 2021.
- Align the forgiveness process for loans under $150,000 with Congressional intent.
- Relax the qualifying quarter requirement to access second draw loans.
- Allow self-employed individuals that applied for a PPP loan prior to the SBA’s March 3, 2021 interim final rule to reapply for a larger loan amount.
The small business recovery is uneven, especially for those still managing state and local regulations. According to NFIB’s latest research, 15% of owners reported they will have to close their doors if current economic conditions don’t improve over the next six months.
