Dear Association Executives - Below, please find a summary from Thorn Run Partners of the Small Business Relief legislation contained within the Senate's HEALS Act.
Small Business Relief. The legislation would provide a second round of PPP loans for certain businesses that have already received a loan, setting aside an additional $190 billion in funding. In order to receive a second PPP loan, companies would have to demonstrate a 50 percent reduction in gross revenues over the same quarter last year, and eligible businesses would include businesses with at most 300 employees (down from the 500 employees in the first round) or that meet one of the SBA's revenue threshold. Borrowers would have more flexibility in using their loans, including for supplier payments, worker protection measures, cloud services, payroll software, and property damage arising from civil unrest. Additionally, eligibility would be expanded for 501(c)(6) non-lobbying organizations that have 50 or fewer employees with a covered loan no more than $500k.
Stephanie KatzDirector, Federal Policy and AdvocacyNational Council for Behavioral HealthStephaniek@TheNationalCouncil.org