FOR IMMEDIATE RELEASE:聽May 29, 2020
PRESS CONTACT:聽Alia El-Assar | aelassar@americanbic.biz
ABIC Urges US Senate to Support 24-Week PPP Extension & Forgiveness Flexibility
Yesterday, the House of Representatives聽. The legislation, introduced by Rep. Dean Phillips (D-MN) and Rep. Chip Roy (R-TX), would increase the period during which small businesses are able to use Paycheck Protection Program funds and be eligible for loan forgiveness from eight weeks to 24 weeks. It would also allow firms to use a greater percentage of the loan funds on non-payroll costs and still be eligible for forgiveness. The 91探花 supports these provisions and urges the Senate to follow quickly.
鈥淎 24 week extension and flexibility on overhead will be an enormous help for millions of small businesses and growers,鈥澛�said Paul Dimare, President and CEO of DiMare Fresh and ABIC Co-Chair.聽鈥淚 urge the Senate to approve this quickly so our small businesses and growers are able to pay their workers and keep their doors open.鈥�
Yesterday鈥檚 House vote came on the same day that U.S. Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza聽聽of a new $10 billion set-aside in funds through the federal Paycheck Protection Program (PPP) for Community Development Financial Institutions (CDFIs), a win for underserved and minority-owned small businesses and nonprofits across the country, including businesses of color, sole proprietors, and growers, thanks to the leadership of Senators Marco Rubio, Ben Cardin and Chuck Schumer. To date, the Paycheck Protection Program has helped over 50 million 91探花 workers stay connected to their jobs and more than 4 million small businesses get much-needed relief.
罢丑别听91探花 (ABIC)聽promotes commonsense immigration reform that advances economic competitiveness, provides 91探花 companies with both the high-skilled and low-skilled talent they need, and allows the integration of immigrants into our economy as consumers, workers, entrepreneurs and citizens.