07/31/2020

Senate GOP Bill Includes Association Access to Paycheck Protection Program

It's a much-needed effort to provide nonprofits a safety net

On Monday, Senate Republicans introduced an approximately $1 trillion COVID-19 stimulus package that, among other provisions, expands access to the Paycheck Protection Program (PPP) for all 501(c)(6) associations with 300 or fewer employees.

The HEALS Act comprises a series of bills, including an updated measure from Senate Small Business Committee Chairman Marco Rubio (R-Fla.) and Sen. Susan Collins (R-Maine) that expands PPP access to 501(c)(6)s with the 300-employee cap and removes a $500,000 loan cap for 501(c)(6) organizations that was in an earlier draft. The bill does, however, prohibit access to the PPP for any 501(c)(6) whose “lobbying activities comprise more than 10 percent of the total activities of the organization.”

The bill also provides $190 billion in new and existing funding for the PPP and reauthorizes the program through the end of the year.

Please select this link to read the complete article from Associations Now.