AALU/GAMA Statement in Support of the Paycheck Protection Program Flexibility Act of 2020

AALU/GAMA Statement in Support of the Paycheck Protection Program Flexibility Act of 2020
Legislation provides additional loan forgiveness provisions for small business owners

WASHINGTON, D.C.—AALU/GAMA CEO Marc Cadin released the following statement in support of the Paycheck Protection Program (PPP) Flexibility Act of 2020:

“The induced economic coma perpetuated a liquidity crisis for many small businesses,” said Marc Cadin, CEO of AALU/GAMA. “Financial security professionals have worked tirelessly to help small businesses navigate this crisis by helping clients access the Paycheck Protection Program to provide the financial resources they need to support their employees and families. With the passage of this legislation, we can continue to help Americans get back on their feet. We applaud Congress on their efforts to create additional relief to better serve America’s economic backbone—the small business.”

The Paycheck Protection Program Flexibility Act of 2020 passed the House of Representatives on May 28, and was unanimously approved by the Senate last night. Key provisions in the bill include adjusting the payroll requirement from 75 percent to 60 percent, increasing the loan repayment period from two to five years, extending deferment period for loan repayment, providing safe harbor for employers who are unable to hire workers, among others.

The COVID-19 Action Center has featured more than three dozen webinars on the Paycheck Protection Program. Launched in March, AALU/GAMA COVID-19 Action Center includes recordings of the webinars, podcasts, explainer videos, and detailed summaries. The website is available for the entire financial security profession and can be accessed here.