NAR Letter to Congressional Leadership Re PPP Loan Follow-Up
Issue Date: May 08, 2020
On May 8, NAR sent a letter to Speaker Pelosi, Leader McCarthy, Leader McConnell, Leader Schumer, and members in the House, Senate, and Small Business Committees. The letter thanks the House and Senate leadership for their work through the CARES Act and subsequent relief packages to assist small businesses and independent contractors. Congress should provide additional clarity on PPP loans, specifically on forgiveness requirements, so businesses that have received a PPP loan or are considering applying for one fully understand the program’s parameters. Crucially, forgiveness requirements should provide flexibility for borrowers, recognizing the varied circumstances that different business models will face and the fact that they need to prepare for continued loss of business well past the eight-week period a PPP loan covers.