COVID-19: ASA, others urge Congress to expand authority of current PPP program

United States Capitol Picture Id182666077From TakingTheHill.com

WASHINGTON, D.C. – The Automotive Service Association (ASA) joined aftermarket coalition associations requesting that Congress expand the authority of the Paycheck Protection Program (PPP) in the 4th Stimulus package coming up for consideration.

“The PPP program has been popular with automotive repairers, but with the increasing economic impact on shops by the COVIC-19 pandemic, ASA encourages Congress to expand the authority of the current PPP program,” said Bob Redding, ASA’s Washington, D.C. representative. “This request is in addition to assuring adequate funding for the current program.”

The letter urges Congress to consider:

  • Extend the maximum PPP loan amounts to include 3 months after each state’s stay- home order is lifted so that small businesses can regain full operational patronage.
  • Increase the size of the PPP fund for forgivable loans.
  • Require the Small Business Administration to follow the PPP statutory loan repayment time limit of 10 years for unforgiven amounts versus the 2-year limit imposed in the PPP Interim Final Rule effective April 2, 2020.
  • Add a “Workplace Preservation Program” to cover small business mortgage and lease costs thereby ensuring employees have a place to work during and after the COVID-19 crisis.
  • Business Interruption Insurance must cover COVID-19 as a “dangerous condition” or other covered natural disaster.

To read the full letter, click here.

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