Hill proposes more small-business aid
WASHINGTON — U.S. Rep. French Hill, R-Ark., introduced legislation last week that would tweak one of the key covid-19 relief programs, allowing more small businesses to qualify for assistance.
The Little Rock lawmaker’s legislation is officially known as the Paycheck Protection Program Revenue Adjustment Calculation to Increase Capital Accessibility Long-term
Act. An acronym makes it easier to remember: the PRACTICAL Act.
Created in March 2020 as part of the Coronavirus Aid, Relief, and Economic Securities (CARES) Act, the Paycheck Protection Program has been a lifeline for thousands of Arkansas small businesses.
Eligibility for continued assistance is tied to businesses’ previous quarterly revenue.
But the pain from covid-19, Hill notes, didn’t start on April 1, 2020. For many Arkansas businesses, it started in mid-March. It got worse on March 19, 2020, the day the state’s restaurants, bars and gymnasiums were ordered to close.
Others also faced covid-19-related challengers that weren’t neatly tied to a quarterly calendar.
If Hill’s legislation passes, businesses could calculate their revenue based on another 90-day-earning period.
Revisiting the Paycheck Protection Program is appropriate, he said during an interview earlier this month.
“We need to always be asking ourselves, ‘What have we done, what have we implemented in Congress and is it working?’” he said.
His bipartisan measure focuses on “fixing the paycheck program to make it more effective, particularly for our restaurants and retailers,” he added.