SWACCA Joins Over 100 Organizations to Urge Congress to Expand Eligibility for PPP Second Draw Loans in Next COVID-19 Relief Package
SWACCA joined over 100 other organizations in sending a letter to urge Senate leadership to expand eligibility for the proposed Paycheck Protection Program (PPP) second draw loan currently under negotiations as part of the next COVID-19 response package.
Specifically, the letter notes that, “[m]any small businesses operate with slim profit margins in a normal economy. For them, even a revenue decline of 20 percent or greater could mean the difference between staying in business or closing. For their employees, such a revenue decline could mean the difference between remaining at work and receiving benefits or losing their jobs.” As a result, the letter requests Congress lower the current 50 percent gross revenue reduction requirement currently included in the Continuing Small Business Recovery and Paycheck Protection Program Act to allow a greater share of struggling small businesses to access a second round of PPP funding.
The letter can be read in its entirety here.
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