Both the U.S. House and Senate voted to extend the Paycheck Protection Program by five weeks after the original deadline passed on June 30. The extension awaits a signature from President Donald Trump.
Both the U.S. House and Senate voted to extend the Paycheck Protection Program by five weeks after the deadline passed June 30. The extension awaits a signature from President Donald Trump.
The announcement comes at a good time for seasonal fishermen. A June 25 rule change to the PPP allowed crew members to access those funds, giving fishermen only three business days to apply for assistance.
Ephraim Froehlich, a representative for the Fishing Communities Coalition, says the coalition is happy for the extension, but some further changes may need to happen.
“There’s some fishermen who went through the original PPP process," he said. "After this 1099 fix, some are possibly going to be unable to access additional PPP funds for their crew, which is what this fix is intended for.”
Froehlich adds that the coalition is monitoring further proposals to ensure that fishermen who did apply before the rule change will either be able to a second time or amend their original application.
“A lot of it is uncharted territory right? We’re doing a lot of innovative things to ensure our economy survives this pandemic," he said. "We are thankful to the federal government, our representatives and state governments, but we also need to be flexible; adapt to what we are finding to be problems along the way and fix those problems.”
If the extension goes into effect, fishermen will have until August 8 to apply for PPP assistance.
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