New Stimulus Package Includes Some 501(c)(6) Organizations
The Florida Bar recognizes the extreme financial hardships endured in 2020 by associations, particularly our voluntary bars. The COVID-19 stimulus package that has been passed by Congress, expands eligibility for the Paycheck Protection Program (PPP) to include 501(c)(6) organizations that meet certain qualifying conditions. In addition to numerous other provisions, the roughly $900 billion bill includes $325 billion in small business relief, including $257 billion for the PPP, and expands PPP access to include 501(c)(6) organizations with 300 or fewer employees; 15% or less in lobbying activities and receipts; and less than $1 million in spending for lobbying activities.
To date there has not been any additional guidance released from the federal agencies, which under the law, have 10 days to provide additional guidance on the program’s implementation.
It is projected that lenders are estimating an early-mid February timeline for new rules to be finalized and banks available to provide loans to businesses. We will continue to monitor any developments on new guidance and will be sure to provide critical updates as necessary.