By Mark Valentini, Director of Legislative Affairs
On Friday, July 3, 2020, the president signed S.4116, a bill that temporarily extends the Paycheck Protection Program (PPP) through August 8. This bill moved very quickly through Congress in response to the small business program’s expiration on June 30. The PPP has been instrumental in keeping many small business contractors afloat during the COVID-19 pandemic.
If you have not yet applied for a PPP loan and need economic relief for your business, complete this form and bring it with you to a participating lender. You may be eligible for a loan amount up to two and a half months of payroll costs, to be used to pay employees and cover qualified overhead expenses including lease payments, mortgage interest, and utilities. The amounts used for qualified expenses will be forgiven up to the total amount of your loan. Be sure to contact your lender to confirm that it is indeed participating in the Paycheck Protection Program and for further details on qualifying for loan forgiveness.
As the pandemic has yet to subside, the next round of COVID relief in Congress will very likely look at extending it even further, through December 31, 2020. The program still has approximately $130 billion in unused funds for forgivable small business loans. While Congress is actively considering extending this important program through the end of the year, there is no guarantee it will be available after August 8, 2020.
As of June 30, more than 4.8 million American small businesses have been approved for PPP loans from more than 5,400 lenders nationwide. If you need help, now is the time to apply for a PPP loan.
PHCC continues to advocate vigorously on behalf of plumbing and HVACR contractors to ensure they have immediate access to economic relief during this period of unprecedented tumult. Contact PHCC’s Government Relations team at email@example.com for further information.
Check out this video update below from PHCC’s Director of Legislative Affairs Mark Valentini.
Director of Legislative Affairs , PHCC-National Association