Senators Push to Ensure Eligibility of Cooperatives in Paycheck Protection Program
Posted on Apr 28, 2020 in COVID-19, Legislative & Politics | Comments Off on Senators Push to Ensure Eligibility of Cooperatives in Paycheck Protection Program
U.S. Senators Tina Smith (D-Minn.) and John Hoeven (R-N.D.) led a bipartisan group of senators in urging the U.S. Department of the Treasury and the Small Business Administration (SBA) to clarify that rural electric cooperatives are eligible for the Paycheck Protection Program (PPP), which was created under the Coronavirus Aid, Relief, and Economic Security Act to help small businesses maintain payroll and cover expenses during the coronavirus pandemic. Some lenders are approving PPP loans for electric cooperatives, while other lenders are refusing to do so without further guidance from the SBA.
