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The Republican COVID-19 package, the HEALS Act, includes small business relief championed by Senators Marco Rubio (R-FL) and Susan Collins (R-ME).
The HEALS Act would potentially offer small businesses the opportunity to take a second Paycheck Protection Program (PPP) loan, which could be forgiven if 60% of the proceeds are used for payroll costs. Small businesses would also be able to access favorable loans that could be used for a broader range of expenses. The term of these loans would be 20 years at a fixed 1% interest rate.
Both the PPP “second draw” and low interest loans, however, are only available to businesses that have experienced a 50% decline in revenues.
While ICSC prefers the much larger and holistic response envisioned by the Small Business Comeback Act, at a minimum the 50% requirement is too high. ICSC and other organizations are pushing to lower the threshold to ensure that more small tenants and businesses have access to additional economic assistance. Those letters are available here and here.
ICSC is also lobbying to include language in a final package to ensure that businesses can deduct expenses paid with PPP loans that are later forgiven.