April 27, 2020

With Congress approving an additional $310 billion last week for the Paycheck Protection Program (PPP), the Small Business Administration (SBA) resumed the program on Monday, April 27. APMA, with Hart Health Strategies, recorded another webinar to help members understand the program and recent updates. 

View the webinar recording and all APMA economic relief resources at www.apma.org/covid19sba. APMA resources include FAQs, a previously recorded webinar by Marcum Accounting Firm, and podcasts and videos with APMA Trustee Brooke Bisbee, DPM, describing her personal experience applying for SBA loans. 

APMA also submitted comments to the SBA on April 27 in response to its Interim Final Rule on the PPP. APMA expressed serious concerns about the initial round of loans and asked SBA to do the following:

1. Prevent banks from requiring possible applicants to have an existing line of credit
2. Require banks to process existing applications in the next round of funding first, before processing new applications
3. Clarify confusion related to loan forgiveness related to full-time and/or full-time equivalent employees
4. Extend the maturity date of the loans from two years to ten years
5. Lower the interest rate back to 0.5 percent, instead of 1 percent.

Read this letter and all comment letters at www.apma.org/commentletters.

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