Job Creators Network Calls on SBA & Treasury to Adjust 8-Week PPP Loan Forgiveness Period

Clock Should Start When Businesses, in Respective Industries & Respective States, Are Allowed to Open at 100% capacity
Press ReleaseMay 14, 2020

Washington, DC – (May 14, 2020) — Today, Job Creators Network (JCN) called on the Small Business Administration (SBA) and the Treasury Department to adjust the eight-week loan forgiveness clock for Paycheck Protection Program (PPP) loans so it starts when businesses, in their respective industries and in their respective states, are allowed to open at 100 percent capacity.

Alfredo Ortiz, JCN President and CEO, released the following statement:

“For small business owners who were fortunate enough to get the PPP loan early, it was a blessing and a curse. These hard-working entrepreneurs are rapidly coming up on their eight-week loan forgiveness deadline, even though most of America was closed up until recently.  Today, JCN is publicly urging Administrator Carranza and Secretary Mnuchin to adjust the loan forgiveness deadline.  We should move the eight-week clock so it starts when businesses, in their respective industries and in their respective states, are allowed to open at 100 percent capacity. We believe this is a fair, common-sense reform that is consistent with the intent of the loan program and will potentially save millions of jobs.”