NAM urges SBA to ease implementation of Paycheck Protection Program

The National Association of Manufacturers (NAM) has sent a letter to Jovita Carranza, administrator of the U.S. Small Business Administration (SBA), on the ongoing implementation of the Paycheck Protection Program (PPP) outlined in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The NAM applauded the SBA for issuing an interim final rule to implement the program, as many small manufacturers have already been in contact with their local lenders about participating in the PPP. However, both borrowers and lenders would benefit from further clarity around certain implementation issues that have arisen in the early days of the program.

“Small businesses, including small manufacturers, are facing significant disruptions due to the COVID-19 crisis. As a result, manufacturers welcomed Congress’ work on the PPP, which is designed to provide an immediate capital injection to small businesses in the form of forgivable loans to be used to keep workers employed during the crisis. As the crisis continues, we believe that additional support is needed for American small businesses, and we are encouraging Congress to act expeditiously to approve additional funds for this program,” the letter states.

Additionally, the NAM encourages the SBA and the Department of the Treasury to take all necessary steps to provide regulatory certainty and ease the implementation of this vital program to ensure that small manufacturers across the country have access to the capital they need to weather this crisis.