NAR Support Letter to Representatives Roy, Phillips, Emmer, and Upton Regarding HR 6886 PPP Flexibility Act

On May 26 NAR sent a letter to Representatives Roy, Phillips, Emmer, and Upton. The letter thanks the legislators for introducing H.R. 6886, the “Paycheck Protection Program Flexibility Act.” This bipartisan legislation will improve the Paycheck Protection Program (PPP) and make it more responsive to the needs of small businesses impacted by the COVID-19 crisis. The PPP has allowed millions of small businesses, left struggling to meet operating expenses amid the COVID-19 crisis, to receive SBA loans to pay their employees and meet other debt obligations. H.R. 6886 adds flexibility to several aspects of PPP loans, including extending the timeline to apply through the end of 2020, giving businesses through the end of the year or up to 24 weeks (previously 8) to use the funds, and removing the requirement that 75% of the loan be used for payroll costs. The letter also urges consideration of 501(c)(6) organizations, which thus far are ineligible to apply for PPP loans.