Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) joined U.S. Senator Angus King (I-Maine) and seven colleagues in a letter to U.S. Treasury Secretary Steven Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza urging them to readjust regulatory requirements so that seasonal employers can access the full amount of the Paycheck Protection Program (PPP) loans for which they qualify. The Senators asked the Treasury Department and the SBA to immediately issue a new rule so that seasonal small businesses across the nation can access full PPP funding before the SBA’s guaranty authority expires on June 30th.
“Seasonal businesses need your help,” wrote the Senators. “An Interim Final Rule that Treasury released on April 28 allowed seasonal businesses to calculate their Paycheck Protection Program (“PPP”) loans based on summer season payroll data. The Rule, however, effectively did not enable the many seasonal businesses that already had received PPP loans based on off-season data to increase the size of their loans. We urge you to issue a new Interim Final Rule immediately that enables seasonal businesses to access the larger PPP loans for which they qualify.”
A full copy of the letter can be found HERE.