U.S. Senate Passes Paycheck Protection Program Flexibility President Donald Trump to Sign, Helping America’s Firearm and Ammunition Small Businesses
Last night, the U.S. Senate passed legislation by unanimous consent that will provide more flexibility within the Paycheck Protection Program (PPP) for millions of American small businesses, including those in the firearm and ammunition industry. The proposal already received House approval with a vote of 417-1 and now heads to President Donald Trump’s desk for his signature.
Major updates included in the bill will give small businesses more flexibility to spend funds they received through the PPP. Two significant changes now mean businesses can spend PPP funds within a 24-week window instead of the original policy’s 8-week timeframe, and that small businesses need only spend 60 percent of their funds on payroll instead of the original higher guideline of 75 percent. These two updates mean businesses have a longer window to help retain employees on payroll during the coronavirus pandemic and increased options to spend PPP funds on business needs while still meeting requirements for loan forgiveness offered under the program. Business groups have applauded the PPP updates.
NSSF® urges all members who have received PPP funds to contact their financial institution or local Small Business Administration office with any questions they may have.
Additionally, if you suspect your business is being discriminated against by your financial institution because you are in the firearm and ammunition industry, please contact NSSF immediately at (203) 426-1320 Ext. 209 or by email at membership@nssf.org.
NSSF continues to monitor federal, state and local legislation that may affect our member businesses and will continue to keep you updated as we receive more information.
