This legislation updates the Paycheck Protection Program rules to provide flexibility for businesses to continue to financially protect workers.
May 27, 2020
The Honorable Dean Phillips
Minnesota 3rd Congressional District
1305 Longworth House Office Building
Washington, DC 20515
The Honorable Chip Roy
Texas 21st Congressional District
1319 Longworth House Office Building
Washington, DC 20515
Dear Congressmen Phillips and Roy,
On behalf of our more than 2.1 million members, the Association of Mature American Citizens (AMAC) is writing in support of the “Paycheck Protection Program Flexibility Act of 2020.” Seniors running and working for small businesses are a key part to America’s economic recovery.
Seniors are one of the most at-risk populations for coronavirus, however they are also one of the largest groups of small business owners and will be responsible for putting Americans back to work in the coming recovery. More than one-quarter of all new business starts are by seniors ages 55-64. Of the 6.5 million new businesses created each year, more than 1.5 million are started by seniors.
This legislation aims to address the much-needed changes for the Payroll Protection Program. When the program was first created two months ago the full impact of the COVID-19 pandemic had not yet hit millions of American small businesses as it has today. Your legislation will update the program rules to provide flexibility to help businesses continue to protect workers.
The Paycheck Protection Program Flexibility Act will:
• Allow forgiveness for expenses beyond the 8-week covered period.
• Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds.
• Eliminate restrictions that limit loan terms to 2 years.
• Ensure full access to payroll tax deferment for businesses that take PPP loans.
• Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance.
Enacting these changes will make it easier for businesses impacted by COVID-19 to recover from the economic harm caused by this pandemic. We commend you and your cosponsors for putting forth this legislation and urge Congress to quickly enact it.
Sincerely,
Bob Carlstrom
President
AMAC Action
Copyright © 2024 AMAC, Inc. / AMAC Senior Resources Network. All rights reserved.
Well past time to start getting the economy open in all 50 states. A number of Red states have already shown that they can do a controlled re-opening of their economies without the end of the world scenarios the media and the Democrats have been preaching. The individual states can set whatever guidelines they deem fit to preserve health standards of both the public and the workers of the businesses. The emphasis should be on getting the economy back up and running and NOT on finding ways to drag this shutdown on indefinitely. Syop talking about new Covid-19 aid packages and instead talk about getting the economy back up so the bailouts are NOT needed.
Hundreds of thousands of small business across this country and all the jobs associated with those businesses are already gone. Their owners simply didn’t have the financial means, even if this revised PPP plan was in place beforehand, to cover all the total expenses associated with keeping their businesses closed for months while still having to cover all the expenses . PPP for most small business owners is like trying to deal with a severed artery with a band-aid. The patient still bleeds to death, but they last a few seconds longer.
If the Democrat run states want to keep their states in lockdown until the day after the election, which is what several of them are planning on doing while crying for a massive federal bailout from Washington, then it is up to the people in those states to remove those individuals from their positions ASAP by any means the people see fit. The GDP of the United States prior to the Covid-19 virus attack on this country was $21 trillion dollars annually. The federal government has NO MEANS to prop up the country to that tune without causing a total collapse of the value of the dollar. JUST OPEN UP THE COUNTRY!!!
Well past time to start getting the economy open in all 50 states. A number of Red states have already shown that they can do a controlled re-opening of their economies without the end of the world scenarios the media and the Democrats have been preaching. The individual states can set whatever guidelines they deem fit to preserve health standards of both the public and the workers of the businesses. The emphasis should be on getting the economy back up and running and NOT on finding ways to drag this shutdown on indefinitely. Syop talking about new Covid-19 aid packages and instead talk about getting the economy back up so the bailouts are NOT needed.
Hundreds of thousands of small business across this country and all the jobs associated with those businesses are already gone. Their owners simply didn’t have the financial means, even if this revised PPP plan was in place beforehand, to cover all the total expenses associated with keeping their businesses closed for months while still having to cover all the expenses . PPP for most small business owners is like trying to deal with a severed artery with a band-aid. The patient still bleeds to death, but they last a few seconds longer.
If the Democrat run states want to keep their states in lockdown until the day after the election, which is what several of them are planning on doing while crying for a massive federal bailout from Washington, then it is up to the people in those states to remove those individuals from their positions ASAP by any means the people see fit. The GDP of the United States prior to the Covid-19 virus attack on this country was $21 trillion dollars annually. The federal government has NO MEANS to prop up the country to that tune without causing a total collapse of the value of the dollar. JUST OPEN UP THE COUNTRY!!!