Atlanta has become 'home' to many people from all around the world. During recent protests the National Guard was called in to diffuse what was perceived to be a band of rioters attempting to destroy property and harm citizens. What the National Guard could not have known is that they would encounter Amisha Harding, a local professional business consultant and most importantly, a mom. Amisha knew that a show of force was not necessarily the only strategy that could gain the results the City of Atlanta was hoping to acquire. Check out this 11Alive clip to see the inspirational moves that changed the atmosphere for the day!
Job Enhancement Training Services (JETS) founder is now part of the Leadership Council for National Small Business Association (NSBA) (<<click here)! JETS is excited to be a part of conversations that prioritize results regarding major challenges that small business owners face including but not limited to trained workforce, cyber security, costs of healthcare and tax reform. Founder, Darlene (Poellnitz) Whinfield states that "This pandemic has forced us to accept that the future requires immediate change across the board in order for us to remain an option for the communities we endeavor to continue to serve."
On Sept. 10, the Senate failed (52-47) to move forward on the scaled-down, $500 billion Republican coronavirus relief measure, dimming the chances that Congress will approve another package before the November election. Fifty-two out of the 53-member GOP caucus voted in favor of the proposal, which Senate Republican leadership saw as a win after weeks of internal division. But 60 votes were needed for the bill to advance, and no Senate Democrats voted for the bill.
The bill, the Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act would, among other things, create another round of the Paycheck Protection Program (PPP) and simplify the forgiveness rules for those funds.
Specific to small businesses, Title IV of the bill would have created a second round of PPP with reforms to require new applications show revenue loss and maintain loan documents consistent with IRS requirements. It would have allowed small businesses (including self-employed individuals, sole-proprietors, and independent contractors) with 300 or fewer employees that have incurred at least a 35 percent reduction in gross revenue in a 2020 quarter relative to the same 2019 quarter to receive a second PPP loan.
NSBA supported the measure and has continued to urge lawmakers to provide greater flexibility to spend forgivable PPP funds on all normal business expenses (rent, software, equipment, suppliers, and vendors) not just the ones currently defined.
Lawmakers face a significant amount of work to complete before leaving in just a few short weeks for the campaign trail: COVID-19 stimulus, the looming government funding deadline (Sept. 30) and the 2015 surface transportation bill which expires the same day.
NSBA Talks PPP with Sen. Bennett (Payment Protection Program)
On Sept. 22, the NSBA Board of Trustees held a virtual meeting to discuss general business, pandemic recovery, elections and much more. On the call the leadership heard from Sen. Michael Bennett (D-Colo) on his RESTART Act (S. 3814) which would expand the Paycheck Protection Program (PPP). Specifically, it would provide another round of loans to small businesses who have experienced revenue declines of 25 percent or more, extend the limit to six months of operating expenses, and broaden forgiveness provisions for the loans. Companies would have 7 years to repay these loans.
The bill also would create a new line of short-term (7 years maximum) U.S. Small Business Administration (SBA) loans for small- and mid-sized businesses affected by COVID-19 which would: provide a 100 percent guarantee; eliminate payments on principal for the first two years; and allow companies with fewer than 5,000 employees to access up to 45% of gross receipts for 2019. These loans funds would not be subject to PPP forgiveness rules.
During his conversation with NSBA, Sen. Bennett highlighted the importance of small businesses to not only his state of Colorado, but the entire nation. He also highlighted the massive hardships small businesses have faced and, while the PPP has provided substantial aid to many small businesses, more is needed.
Bennett also underscored the bipartisan support his bill has with Sen. Todd Young (R-Ind.) as the lead co-sponsor and 57 current cosponsors, both Republicans and Democrats. Despite the partisan impasse in the Senate, deepened by the passing of Justice Ruth Bader Ginsberg, Sen. Bennett believes there is broad enough support in the Senate to pass the legislation.
Members of the NSBA Board of Trustees urged Bennett to ensure his law would be proscriptive to regulators and ensure the SBA would craft the loan to the intent of the law, particularly given some of the differences in guidance from Treasury and SBA and the law passed by Congress enacting the PPP.
Another key issue raised was the tax deductibility of PPP loans. Currently a loophole would make loan funds through PPP taxable, a significant problem for NSBA’s membership. Sen. Bennett said he isn’t clear on whether or not legislation will be passed to address this issue, but that he will look into this loophole.
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