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Continued Relief for America’s Self-Employed
In a letter to congressional leaders, the National Association for the Self-Employed (NASE) submitted several policy objectives that should be included in the next phase of relief legislation that the Congress looks to consider in the month of July.
The NASE believes the following policy recommendations, would support America’s small businesses and self-employed as they continue to navigate the COVID-19 pandemic, those include:
- Allow for Paycheck Protection Program (PPP) loans of $150,000 or less to be forgiven
- Simplify the PPP loan forgiveness process for small businesses that have loans of less than $2 million
- Rescind IRS Notice 2020-32 and make wages, rent, and other expenses paid with PPP money tax deductible as Congress intended
- Allow for amortization schedules of up to 30 years which will allow businesses to spread the costs of borrowing over a longer period of time and make relief affordable for deeply affected small businesses.
The NASE has endorsed S. 4117, The Paycheck Protection Program Small Business Forgiveness Act, sponsored by Senators Kevin Cramer and Kyrsten Sinema. The Paycheck Protection Program, established by Congress in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, has provided millions of small businesses the economic relief they need to meet the challenges posed by the COVID-19 crisis. This legislation would forgive PPP loans of less than $150,000 upon the borrower’s completion of a simple, one-page forgiveness document. PPP loans of $150,000 and under account for 85 percent of total PPP recipients, but less than 26 percent of PPP loan dollars. Expediting the loan forgiveness process for many of these hard-hit businesses will save more than $7 billion dollars and hours of paperwork.
We continue to advocate and support efforts to simplify and expand opportunities for the self-employed to access the PPP.