There is just over one week left to apply for the extended period of the Paycheck Protection Program, which will accept new applications through Aug. 8. Congress extended the legislation by unanimous consent on June 30 and President Trump signed the bill into law on July 4, 2020, allowing approximately $131.9 billion in funding to remain accessible to small businesses affected by the COVID-19 pandemic.

Associated Builders and Contractors has expressed support for several changes to the PPP, but submitted comments on July 27, 2020, to the U.S. Department of the Treasury and U.S. Small Business Administration regarding changes to an interim final rule altering loan forgiveness and loan review procedures. ABC urges the government agencies to:

• Provide further guidance on when businesses should apply for loan forgiveness and when they are notified of their forgiveness status.
• Issue further guidance on the PPP audit process.
• Increase flexibility for employee retention requirements and loan forgiveness.
• Provide further clarification of non-payroll costs.
• Refocus efforts to deliver PPP funds to underserved communities and minority businesses.

With many states and local communities facing a rise in infections both before and since the extension was signed, this funding, as well as proper guidance, is critical in the light of additional economic hardship, including the historic plunge in GDP (32.9%) announced today.