In a letter to the U.S. Small Business Administration and Department of Treasury, Brinker Simpson & Company urged relaxed restrictions and other modifications of the forgiveness calculation of the Paycheck Protection Program (PPP).
We urge swift action to ensure the PPP aligns with Congressional intent to deliver effective relief to businesses financially impacted by government measures to mitigate the coronavirus epidemic.
Without sufficient loan forgiveness, many small businesses will not survive the financial impact of the epidemic. Many of these borrowers are subject to orders mandating the cessation of their businesses or are experiencing significant decline in revenue as a result of the public health measures. The CAREs Act intended to address the concerns of those businesses. The limitations and criteria added by the SBA are outside the intent of the Act and threaten the viability of American small businesses.
We urge you to review our correspondence and to contact your representatives as soon as possible to request immediate action from the SBA and Treasury related to the concerns expressed in the letter.
We are happy to discuss any questions or comments you may have. Our team is working and available to review with you. Please contact our office at 610-544-5900 or cares@brinkersimpson.com .
You can review and share the letter by clicking HERE.
We are in this together,
Brinker Simpson & Company, LLC
Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, & cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).