WASHINGTON, D.C. – Yesterday, over 60 community development, civil rights, and small business groups urged Congress to extend the Paycheck Protection Program (PPP) until June 30, 2021. The House voted overwhelmingly to extend the program, but the Senate has not yet voted. The group also called for a recent rule change in how loan amounts are calculated to be made retroactive.
In this public health and economic emergency, we must do all we can to make sure our small businesses have the support and assistance they need to weather the crisis. That must be especially the case for our smallest and historically underserved businesses, including in communities of color. Oftentimes these microbusinesses lack the resources of larger businesses and in too many cases, have faced long-standing economic and process inequities that COVID-19 has only exacerbated. It is imperative that action is taken to improve PPP accessibility and equity to ensure Schedule C filers and Schedule F filers are afforded the same set of rules. Further, so that microbusinesses are able to fully participate in the program with the benefit of these changes, Congress must extend authorization of the PPP until June 30, 2021. The extension should allow the SBA flexibility on rulemaking authority as long as the rules are within the spirit of the law.
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Press Contact: carol.parish@responsiblelending.org