U.S. Sen. Rob Portman (R-OH) recently unveiled a bipartisan bill that would allow waste and recycling collection services to be deemed eligible for loan forgiveness under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
“Not only will this provide additional flexibility and relief to small businesses,” said Sen. Portman, “but it also recognizes that the waste and recycling industry is an essential service during this coronavirus crisis.”
Sen. Portman on June 17 cosponsored S. 3984 with bill sponsor U.S. Sen. Tom Carper (D-DE) to make such services eligible to be forgiven through the Paycheck Protection Program (PPP) created under the CARES Act.
“PPP already provides loan forgiveness for monthly operating expenses, such as rent payments and utility bills,” Sen. Portman said. “This commonsense legislation will also allow the necessary expense of waste and recycling services to be forgiven.”
The CARES Act specifies that non-payroll costs include operational expenses, such as mortgage interest, rent, and gas, electric, water, transportation, and internet services. However, waste and recycling collection costs are not included.
If enacted, S. 3984 would include waste and recycling costs as a non-payroll utility cost that is eligible to be forgiven, according to Sen. Portman’s office.
The measure is under consideration in the U.S. Senate Small Business and Entrepreneurship Committee.