Ask the Masters Podcasts:
On June 5, President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA) in an attempt to address many concerns expressed by the small business community around the Paycheck Protection Program (PPP) aimed at providing COVID-19 relief.
Recapping Coronavirus Legislation
The first bill (Phase 1) HR 6074 focused on getting funding to help the health care field address the crisis and making emergency appropriations.
The second coronavirus bill (Phase 2), HR 6201 Families First Coronavirus Response Act
The third bill, known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act, focuses on stimulating the economy.
PHTA encourages each of our members to reach out to your lawmakers. While you may not have a constituent need now, it’s best to have identified the e-mail address of a caseworker in a regional office should one arise. Find your elected official:
Important to Remember
Implementation of all these economic programs will be difficult, given the unprecedented nature of this national emergency. What appears to be swift action taken during a press conference - can and will take weeks, if not months to work through the bureaucracy. PHTA encourages you to keep details records of the unique economic impact for your company, such as workforce, sick leave, contracting issues, supply chain disruptions and the like. All these data points may need to be gathered to qualify for some form of State or Federal assistance.
In order to perhaps expedite SBA loan applications that may take time to process, PHTA urges its members to reach out to their Member of Congress, now, as the SBA will quickly become overwhelmed. And local caseworkers, in your Congressional member’s district offices, will be most effective in expediting review of SBA loans, once they are filed. Once someone applies for the loan, they are given a tracking number. Member offices should be asked to assist with letter writing, and flagging applications made by constituent businesses.