On March 12, 2021, the Small Business Relief Council (SBRC) sent a letter to Congress regarding critical changes to the Paycheck Protection Program (PPP) that will better serve underserved small businesses and help small businesses survive and thrive through the ongoing economic crisis.
The Gusto-led SBRC is an unprecedented cross-industry coalition of more than 80 organizations representing millions of small businesses across the country. The SBRC spans different components of the small business financial ecosystem and includes the largest banks, fintech companies, payroll companies, accounting firms, and software companies. We are pleased to be joined in this letter by many national organizations, individual small businesses, California-based advocacy organizations, and more.
The letter outlines critical changes to PPP, including extending PPP to June 30, 2021, expanding the applicant pool to include businesses formed after the start of the pandemic, determining second-draw loan eligibility based on net revenue, and streamlining forgiveness for the smallest businesses.
Read the full letter here: