A coalition including HCAOA, the International Franchising Association, National Retail Federation and others, have sent a letter to Congressional Democrats asking them to join in voting for a discharge petition to release $130 million in funds that was left unused when the Paycheck Protection Program expired in August.
The discharge petition bill, HR 8265, would also lower the upper limits of employees that qualify a company as “small business” from 500 to 300. But it would, for the purposes of franchises, apply per location.
Funds could be used to cover revenue loss, property damage and/or PPE costs. The Small Business Administration would be allowed to audit usage of PPP funds for a three year period, during which time documents will need to be retained.