UNABLE TO GET PPP FORGIVENESS ON ROUND 1 LOANS?
Was your restaurant or bar (other business) unable to qualify for Round 1 Paycheck Protection Program loan forgiveness because it can’t satisfy the requirement that 60% of the forgivable expenses were spent on payroll costs due to government shutdowns, mandates and too few customers???
This inability to have a robust payroll during the 24 weeks after receipt of the loan means that the loan is not fully forgivable even though the PPP funds were used entirely on forgivable expenses.
WE HAVE A SOLUTION
A new bill, the Low-Revenue Recipient Paycheck Protection Program Relief Act (H.R. 6252) was introduced in the House of Representatives. If enacted, it will allow round 1 PPP recipients to shift the covered period of the loan to gain loan forgiveness if the small business was not in operation between April – December 2020 or saw a revenue reduction during that period of at least 80 percent from 2019. It would also reimburse you for the portion of the loan you may have already paid back.
We need you to urge your House Member(s) to cosponsor this new bill, H.R. 6252, which was introduced on Dec. 13 by Reps. Nadler, Norton, and Maloney.
Quickly and easily send a pre-drafted email (personalize for higher impact) to your members of congress urging them to support the Low-Revenue Recipient Paycheck Protection Program Relief Act (H.R. 6252).
Thanks for your support! This bill shouldn’t cost very much but would mean a great deal to many small businesses. Congress will only act if it hears from enough impacted businesses.