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NEWS

Associations: Game over for economy without more aid

Growing chorus of business groups clamoring for federal PPP extension along with a long-term, low-interest loan program

Sept 28, 2020
By Walt Williams

Associations are painting an increasingly dire picture for their business members and themselves if Congress doesn’t pass another stimulus package to boost an economy still weighed down by the COVID-19 pandemic.

Congress created the Paycheck Protection Program earlier this year to distribute forgivable loans to businesses and certain nonprofits hit hard by the pandemic. Many early recipients have since burned through their PPP funds while 501(c)(6) associations were not eligible for the program.

Many business groups are warning of massive business closures and layoffs in the near future if further federal aid fails to materialize.

So far Congress has made little progress with Republicans and Democrats far apart on the size and scope of a new stimulus package.