U.S. Rep. French Hill (R-AR) this week plans to introduce legislation that would update the Paycheck Protection Program (PPP), a federal loan designed to provide a direct incentive for small businesses to keep their workers on payroll during the ongoing COVID-19 pandemic.
Rep. Hill discussed his forthcoming bill during an April 8 press conference held in Little Rock, Ark. The congressman said he will unveil the PPP Revenue Adjustment Calculation to Increase Capital Accessibility Long-Term Act, also known as the PRACTICAL Act, to clarify that small businesses that are eligible for the second draw PPP can calculate their revenue based off a 90-day earning period rather than a set quarter calendar year, according to information provided by Rep. Hill’s office.
Currently, some small businesses are at a disadvantage with how the PPP is set up because of how they must show a year-over-year revenue decrease, the information says.
“The PPP has been a necessary tool for struggling small businesses as they’ve weathered the unprecedented COVID-19 pandemic,” Rep. Hill said last week. “In fact, more than 14,000 businesses in Arkansas have received $4.6 billion and through the program have helped save more than 375,000 jobs.”
During the press conference, Rep. Hill was joined by Jim Keet, chairman of JTJ Restaurants LLC; Montine McNulty, chief executive officer of the Arkansas Hospitality Association; and Gretchen Hall, CEO of the Little Rock Convention Center.
“We appreciate Congressman Hill’s efforts to amend the PPP law,” Keet said. “This amendment will help countless businesses qualify for assistance that they desperately need while still being consistent with the original intent of the law.”
“Congressman Hill has been invaluable to our industry during this pandemic,” added McNulty. “The congressman’s accessibility and his ability to really listen is providing another practical solution to improve PPP and make it more valuable to all businesses that are hurting.”
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