Update on Paycheck Protection Program

Update on Paycheck Protection Program

The Small Business Administration (SBA) released an Interim Final Rule (IFR) on the Paycheck Protection Program (PPP) “second draw” loans. The rule is in response to changes from the Economic Aid Act, enacted in December. Summaries of the enacted legislation and rule are available here and here.

As part of Argentum's broader advocacy on PPP, Reps. Lori Trahan (MA-3) and Anthony Gonzalez (OH-16) sent a letter on last Wednesday to SBA Administrator Isabel Guzman, asking for emergency rule-making to allow previously-eligible long-term care and senior living facilities to access the PPP’s “second draw” loans. Argentum supported this advocacy effort and helped garner the support of an additional 32 members of Congress on the letter requesting the administrative change.

Argentum is also seeking to review its request regarding second-draw loans and to extend the program’s application period, currently closing on March 31, 2021, through the end of the year. The House voted 415-3 last Tuesday to extend the program through June 30, 2021; that legislation is now pending in the Senate.