Click here for a link to newly-revised IRS FAQs on COVID-Related Tax Credits for required paid leave for small and midsize businesses under the Families First Coronavirus Response Act.
This revision is effective April 17, 2020 and replaces the previous version.
Dear Speaker Pelosi and Leaders McConnell, Schumer and McCarthy:
The undersigned organizations thank you for the prompt adoption of the Paycheck Protection Program (PPP) under the CARES Act and ask that you move quickly to authorize additional funding for the program. While there are many improvements that can and should be made to the PPP - and some companies have not even applied yet due to difficulties with, or uncertainty about, the program - there is unquestionably additional demand for this program that current funding cannot provide. Congress should act expeditiously to assure that the PPP will have the resources it needs to sustain America's small business economy through the COVID-19 pandemic.
In just a few weeks, the PPP has emerged as a central and effective response to the economic damage resulting from COVID-19. PPP loans are providing a vital source of liquidity to more than a million individually and family-owned businesses whose operations have been curtailed or shut-down by stay-home orders and other government actions taken in response to the virus. These businesses, in turn, are using the loans to keep millions of Americans employed.
According to the Small Business Administration, however, banks have already committed most of the $349 billion provided to capitalize the PPP, and it is likely the program will run out of money within the week, leaving millions of additional businesses without the funds necessary to keep their workers employed.
Please act now to authorize additional funding for the Paycheck Protection Program so that these vital loans can continue to ensure that additional workers are able to keep their jobs and small businesses are able to avoid bankruptcy.
Sincerely,
The Tire Industry Association and others.
The undersigned organizations represent the nation's automotive repair and maintenance service and supply businesses designated by the Department of Homeland Security as "critical infrastructure," the vast majority of which are small businesses.
The CARES Act was a positive step in the right direction, and we are grateful for it. However, several critical aspects of the programs it provides either do not go far enough or miss key factors. Massive, permanent job losses due to employer bankruptcy will follow.
If you agree that all reasonable steps must be taken to revive America's economy as fast as possible, we urge you to support the following CARES Act relief plan upgrades.
We thank you in advance for your attention to this crucial matter.
Sincerely,
The Tire Industry Association and others.
Dear Majority Leader McConnell and Democratic Leader Schumer:
I am writing on behalf of the Small Business Legislative Council (SBLC) regarding the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program. We strongly support, and sincerely appreciate, Congress' efforts to provide critical capital to help America's small businesses and their employees weather this unprecedented crisis.
We have already seen real world examples of these programs helping businesses keep their employees on payroll and avoid defaulting on their debt obligations. However, on the other hand, we have also had reports from a significant number of small businesses that have struggled to access these loans - from locating a lending institution that will accept their application to navigating the application process itself. Additionally, the SBA has imposed limits to EIDL loan funding that are significantly below what was provided by statute - rendering the loans insufficient to provide meaningful help to the vast majority of small businesses. Finally, our members, most of which are 501(c)(6) organizations, have themselves been excluded from accessing the PPP funding, which is causing them hardship.
The funds appropriated for the PPP and EIDL programs are already exhausted. In the face of this, we urge Congress to take swift action to secure the vision and intent of the PPP and EIDL by authorizing additional funding for these programs and to expand PPP eligibility to 501(c)(6) organizations.
America's small businesses and the groups that support them will play a critical role in stabilizing and rebuilding our economy when we emerge from this crisis. However, they can only do so if they have the resources to survive the next weeks and months.
We thank you for your consideration of this matter and stand ready to provide any additional information or assistance that you or your staff may require.
USTMA launched a resources page to track state-level definitions of essential businesses. It is updated daily, and the most-current version is always available via this publicly-accessible link:
https://www.ustires.org/sites/default/files/USTMA%20COVID-19%20Essential%20Businesses%20Tracker.pdf