NAR Letter to Senate Small Business Committee Regarding PPP Overview Hearing

On March 16, NAR sent a letter to Chair Cardin, Ranking Member Paul, and the members on the U.S. Senate Committee on Small Business and Entrepreneurship.

 

The letter thanks the legislators for holding their March 17th hearing entitled “The Paycheck Protection Program: Performance, Impact, and Next Steps.” Congress acted quickly in 2020 to pass the CARES Act, which created critical relief programs for small businesses that were forced to close or reduce operations due to the pandemic, and it has since acted to reauthorize and improve those programs. As the pandemic goes on, Congress must continue to protect these critical economic drivers and other businesses at risk. NAR also supports the “PPP Extension Act of 2021,” sponsored by Senators Collins, Cardin and Shaheen, which extends the PPP application deadline through May 31, and gives lenders an additional 30 days to process new applications. In addition, NAR appreciates the steps taken by the Biden Administration to improve the PPP, including the two-week period during which only the smallest businesses could apply and the changes to the loan amount calculations for independent contractors, sole proprietors, and the self-employed.