The Big “I” joined several organizations in sending a letter urging the House of Representatives to pass legislation providing access to additional capital for small businesses and their employees.
Earlier this week the Big “I" joined several organizations representing small businesses in sending a letter to Capitol Hill urging the U.S. House of Representatives to pass H.R. 8265. The legislation would provide access to additional capital that small businesses and their employees desperately need.
Specifically, the legislation would offer qualifying businesses with 300 or fewer employees per location and have experienced a 25% reduction in revenue since the beginning of the pandemic, a second draw at Payment Protection Program (PPP) loans from the remaining $130 billion in PPP funds that went unused before the program expired. The legislation would require that at least 60% of these second draw loans are used on payroll.
Additionally, H.R. 8265 would provide small businesses with a streamlined forgiveness process of PPP loans of $150,000 or less. The legislation would also enable some 501(c)(6) organizations to access PPP loans but it notes that the lobbying activities of the 501 (c) (6) organization cannot comprise more than 10% of the total activities of the organization.
As of press time negotiations were ongoing between the Trump Administration and House Democrats, but Congress was expected to adjourn until after the election without reaching a deal on further COVID-19 relief.
Wyatt Stewart is Big “I" assistant vice president of federal government affairs.