WASHINGTON, D.C. (April 15, 2021) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, issued the following statement from Vice President of Federal Government Relations Kevin Kuhlman following a bill introduced in the U.S. House of Representatives to increase the flexibility for Paycheck Protection Program (PPP) loan eligibility from a calendar quarter to 90 calendar days.
“NFIB and small businesses would like to thank Representative French Hill and Representative Chrissy Houlahan for introducing the PRACTICAL Act that would give small business owners increased flexibility for second draw PPP eligibility. Many small business revenue cycles do not follow strict quarterly cycles, especially those in the tourism and hospitality industries. By adjusting the eligibility calculation to 90 consecutive days, the bill would allow additional small businesses to be eligible for a second PPP loan. The change is welcome news to small businesses.”
NFIB previously recommended that Congress should revise the PPP loan eligibility to allow additional and deserving businesses access to a second draw loan.