ASAE Applauds Recent Congressional Support for 501(c)(6) Inclusion in SBA Loan Program
The organizations have been left unaided since COVID-19 began
ASAE and thousands of other associations have urged Congress for weeks to provide emergency assistance for the country’s associations, which are working hard to meet the needs of America’s essential industries and professions while sapping their own diminishing resources for basic operations. Many associations that were financially solvent before the COVID-19 pandemic were forced to cancel face-to-face meetings and conventions when the coronavirus spread, and previously steady sources of revenue from membership dues, advertising, sponsorships, fundraising and job boards are all down in this struggling economy.
Congress acted last week to replenish the popular Paycheck Protection Program (PPP), established by the CARES Act to help small businesses, sole proprietors, 501(c)(3) nonprofit groups and tribal businesses cover their payroll, rent and certain other costs. Now, members of Congress on both sides of the aisle are recognizing the plight of 501(c)(6) associations and supporting their inclusion in PPP eligibility.
A bipartisan sign-on letter led by Sens. Bill Cassidy (R-LA) and Joe Manchin (D-WV) was sent to Senate Majority Leader Mitch McConnell (R-KY) and Minority Leader Chuck Schumer (D-NY) today with 18 co-signers urging leadership to support PPP eligibility for associations.
Please select this link to read the complete press release from ASAE.