American Financial Services Association

AFSA Joins Trade Associations Requesting Extension of the PPP

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AFSA Joins Trade Associations Requesting Extension of the PPP

The American Financial Services Association (AFSA) and fellow trade associations wrote to Congressional leaders supporting the extension of the Paycheck Protection Program (PPP). The loan program, scheduled to end on March 31, originated from the Coronavirus, Aid, Relief, and Economic Security (CARES) Act. The PPP provides assistance to small businesses to keep their employees on the payroll. Small businesses are eligible for full loan forgiveness if employers maintain employee and salary levels.

AFSA supports the PPP as outlined in the CARES Act, but has consistently advocated for changes in how the program is being implemented. For instance, AFSA has asked both the Trump and Biden administrations to make it clear that financial institutions are eligible to receive loans under the program and eligible for loan forgiveness.

March 4th, 2021 by