House to Vote on Changes to PPP

The House of Representatives is expected to consider legislation next week that would give businesses more flexibility in how they use funds from the Paycheck Protection Program (PPP) and still have their loans forgiven.

PPP Loans Under $2 Million Will Have "Safe Harbor"

Earlier this week the Treasury Department and Small Business Administration (SBA) announced that recipients of Paycheck Protection Program (PPP) loans of less than $2 million would be given "safe harbor" and not face additional scrutiny.

Congress Authorizes Additional $321 Billion For Paycheck Protection Program

Yesterday the U.S. House of Representatives voted overwhelmingly to pass another coronavirus relief package, which included an additional $321 billion for the Paycheck Protection Program (PPP), and it was signed into law today by President Trump. AIADA joined hundreds of other business groups in urging Congress to act quickly to replenish the program and provide relief for businesses and employees. The U.S. Senate had already passed the legislation on Tuesday.

Paycheck Protection Program Runs Out; Ask Congress for More Funding!

This week the Paycheck Protection Program (PPP), authorized by Congress to provide nearly $350 billion in loans to small businesses during the COVID-19 pandemic, officially ran dry. AIADA joined over 250 national and state business groups on a letter to congressional leadership urging additional emergency funding for the PPP. Treasury Secretary Steve Mnuchin and Small Business Administration (SBA) Administrator Carranza also issued a statement urging Congress to act to add additional funds to the program. AIADA also joined fellow auto industry trade groups on a letter to Secretary Mnuchin and Administrator Carranza seeking that allowances be made for the unique relationship between dealers and motor vehicle captive finance companies and that they be included as lenders through the PPP.