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Improving the Paycheck Protection Program for all borrowers.
ABOUT THE PPP COALITION
The PPP Coalition is an ad hoc grassroots coalition of local, regional, and national entities from the "last-to-reopen" sectors of the American economy. Our industries are among the most impacted by the COVID-19 crisis and rely on business models that are often incompatible with social distancing guidelines.
Additional federal relief is necessary for our sectors to bridge the gap between onset of this crisis and a return to reliable revenue. The PPP Coalition is open to all borrowers---current and prospective---of the Paycheck Protection Program (PPP). We seek to improve PPP through a few key changes to the program that will benefit all borrowers, small businesses and nonprofits, regardless of their industry.
The PPP Coalition represents the “last-to-reopen” sectors of the economy and millions of American workers whose incomes are supported by—or endeavor to be supported by—the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). As leaders in the arts and culture, entertainment, tourism, travel, and hospitality industries, we urge Congress to recapitalize, expand, and extend PPP, thereby saving the jobs of millions of American workers.
As Congress debates the next COVID-relief and stimulus bill, the PPP Coalition urges the adoption of the following modifications to the Paycheck Protection Program:
Increase the maximum allowable loan amount to reflect 24-weeks of payroll, benefits, fixed operating costs, and protective equipment expenses. Allow previous PPP borrowers to apply for a second loan, up to the new maximum loan amount.
Expand the eligible borrowers to include all not-for-profit entities, including nonprofits larger than 500 employees.
Expand the non-payroll fixed costs that are eligible for forgiveness.
Specify the interaction between the Employee Retention Tax Credit and the PPP loans to ensure borrowers can make use of both types of assistance.
Ensure that the covered period for loan forgiveness appropriately corresponds to the size of a borrower’s loan, that a borrower may seek forgiveness immediately following the conclusion of the covered period, and that forgiveness shall be calculated at the date of receipt of the application for forgiveness.
It is important to remember that the Paycheck Protection Program worked for nearly 5 million businesses and nonprofits, saving the jobs of millions of American at the onset of this crisis. Unfortunately, our nation is entering its fifth month of the pandemic—twice the length of the initial PPP loans—and suffering from the bleakest unemployment situation in nearly 90 years. Now is not the time for half-measures.
Congress must act now to recapitalize, expand, and extend PPP and preserve the small- to mid-sized business and nonprofit ecosphere for the future.
(as of Sept. 10)
Association of Zoos and Aquariums
American Society of Travel Advisors (ASTA)
National Association of Theater Owners
National Independent Venue Association (NIVA)
Association of Teaching Artists
Chamber Music America
Drug Policy Alliance
Hispanic Organization of Latin Actors (HOLA)
National Guild for Community Arts Education
Association of Children's Museums
BUSINESSES AND NONPROFITS