A broad coalition of national trade groups sent a letter last week to congressional leaders asking for changes to the Small Business Administration's Paycheck Protection Program that would provide more flexibility to participating small businesses.
In the letter, sent Thursday, May 21, the groups called for "emergency legislative and administrative action" to repeal the program's requirement that 75 percent of the loan be used to cover payroll costs and 25 percent be used to cover mortgage, rent and utilities during an eight-week period.
Additionally, the groups — including the National Automobile Dealers Association and the American International Dealers Association — are asking for an extension of the eight-week period that the funds must be spent to qualify for loan forgiveness and for an extension of the June 30 safe-harbor date for rehiring workers and restoring salary levels.
"These steps would conform the PPP with the reality of the gradual reopen…