COVID 19 Updates
House Approves Changes to PPP
The House of Representatives passed the Paycheck Protection Flexibility Act (H.R. 6886). The bill makes several positive changes to the Paycheck Protection Program (PPP), but it does not address the issue of 501 (c)(6) eligibility.
Among other changes, the bill extends the forgiveness period for eligible expenses from eight weeks to 24 weeks. It also adjusts the restrictions requiring that 75 percent of the loan amount goes to payroll, changing the ratio from 75/25 to 60/40.
The Senate is expected to take up the bill next week. The bill is expected to remain narrowly focused on changes to the current program and it will not address expansion. The next big federal package is likely to be the next opportunity to address (c)(6) inclusion.
ACCE will continue to work with our partners at the U.S. Chamber and ASAE to push to expand PPP eligibility to chambers of commerce and other 501 (c) organizations.
See ACCE’s recent op-ed in the Washington Business Journal.