The Premium Cigar Association (PCA) sent a letter to the U.S. Department of the Treasury and Small Business Administration today expressing support for efforts being made to provide economic aid to small businesses and PCA members. PCA also advocated for specific technical changes and improvements to the Payroll Protection Program (PPP), which is a program that can benefit many of our members. PCA will continue to seek programs and assistance in the COVID-19 response with the administration and Congress that will help our members in recovery efforts. Some of the recommendations in the recent letter include:
Payroll Protection Flexibility: Allow the loan to be forgivable at a minimum of six months after a business fully reopens and allow a larger allocation of the money to be used for rent or other expenses. As with many small businesses, our members need more flexibility with how the funds will be used following acceptance into the program.
Payroll Protection Expansion: The $349 billion allocated for this program is going to be depleted quickly, despite the glitches in administering the program universally to small businesses in need. We hope that Congress, Treasury, and the SBA will work to get funds to businesses in communities who may not have been afforded the opportunity in during the initial allocation. In the next Congressional package, we hope to see the funding for this program doubled at minimum, to help small businesses like ours continue to make payroll and keep the lights on.
Enhancement of System and Administration: There is unprecedented demand for SBA programs and an urgent need to have these programs administered quickly, and seamlessly. The survival of small businesses like ours depend on it. We hope the SBA is able to get the needed resources financially, technologically, and in human capital to meet these needs.
For additional reference, see our Top Coronavirus Financial Response Relief Measures for Retailers.