Both the U.S. House of Representatives and U.S. Senate are expected to vote on legislation to amend the Paycheck Protection Program (PPP). We need you to ACT NOW!
- Increased loan forgiveness flexibility on how funds can be used and the timeline for usage from 8 to 20 weeks after commencement of loan.
- Given the uncertainty of the pandemic and the ability of businesses to fully open, extend the duration of the program through December 31, 2020 and focus funds on the most severely impacted businesses such as those subject to mandatory shutdowns and social distancing requirements.
- Given the anticipated slow recovery of the attractions industry to full capacity, increase loan repayment terms from 2 to 10 years.
- For the purposes of eligibility for the PPP for seasonal businesses such as attractions industry businesses, change the definition of "employee" to "full-time equivalent" to accurately reflect the size of the business. Over 90% of the employment at an amusement park or attraction is comprised of employees who work less than a quarter of what a full-time employee works. This change would be consistent with the current Internal Revenue Code 45R(d)(2) loan amount which is based on actual payroll costs, and with the forgiveness sections of the Act which rely on full-time equivalent calculations.
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