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NJBIA Chief Government Affairs Officer Chrissy Buteas posted a public comment last week on the U.S. Small Business Administration’s rule entitled “Business Loan Program Temporary Changes: Paycheck Protection Program.”

Due to the urgency of needed funds for New Jersey businesses during the COVID-19 crisis, the comment asks SBA to “act expeditiously to address additional funding needs, the shortfalls of the CARES Act, and to take action on new measures that will assist in our recovery efforts.

“The immediate closure of large parts of our economy by this pandemic has resulted in unprecedented hardships,” the letter reads.

Among the many program changes requested in the NJBIA comment, the most pressing involves a modification of the requirement that 75% of Paycheck Protection Program monies be spend on payroll costs in order to receive loan forgiveness, and an expanded timeframe to begin the loan forgiveness period beyond eight weeks.

Buteas’ full letter can be found in this report by Advisor News.