PPP

Congressional Update
Chris Andresen
Congressional Update: COVID relief, flammability, and Vietnam

Congress ends 2020 with a COVID-19 relief package, a ruling on furniture flammability, and an update on the Section 301 Vietnam investigation. The end of the calendar year is always a busy time in Congress as leaders work to enact priorities before breaking for the holidays. The recent end of

Stimulus Package
Chris Andresen
Congress Acts on Additional COVID-19 Relief

Throughout the COVID-19 pandemic, HFA, through direct member engagement, has strongly advocated for additional fiscal relief for businesses struggling to survive. After months of negotiations, Congress and the Administration have agreed to include additional COVID-19 stimulus to the annual federal government funding legislation, creating a massive $2.3 trillion spending package.

economic stimulus
Mark Schumacher
What another round of stimulus dollars means for furniture retailers

As the end of 2020 rapidly approaches, Congress has several significant pieces of legislation to address before adjourning for the year, including federal government funding, national defense policy, and most critical to Home Furnishings Association members, additional COVID-19 relief. HFA has consistently advocated and urged Congress to pass further business

Image shows a PPP logo
Doug Clark
HFA members with small PPP loans get a break

Home Furnishings Association members who borrowed $50,000 or less through the Paycheck Protection Program (PPP) received good news last week. The Small Business Administration has granted easier loan forgiveness. Those small borrowers won’t be penalized if they reduced the number of employees or trimmed payroll. HFA has asked for more.

Image shows a man in a suit with a microphone
Doug Clark
Businesses get another chance at PPP loans

Congress really wants small businesses to keep borrowing through the Paycheck Protection Program. By unanimous consent Tuesday, the Senate agreed to a measure introduced by Sen. Ben Cardin (D-Md.) extending the popular lending program to Aug. 8. Late this afternoon, the House of Representatives took similar action. The PPP hit

Image shows a white-haired man standing in a field
Doug Clark
HFA pushes against PPP tax ‘gut punch’

A bipartisan bill pending in the U.S. Senate would end “confusion” about tax liabilities related to Paycheck Protection Program loans, Home Furnishings Association members were told Wednesday. HFA’s Government Relations Action Team held a conference call with Andrew Siracuse, tax counsel for Sen. John Cornyn (R-Texas). Cornyn introduced the Small

Image shows a bank
Doug Clark
PPP loan deadline nears

Anecdotally, it seems that almost every member of the Home Furnishings Association tapped into the Paycheck Protection Program. For any qualifying furniture retailers that didn’t, it’s not quite too late. The deadline for applying to the small business lending program ends June 30. If you want to apply, you should

You have your PPP loan. Now what?

The Paycheck Protection Program is the primary lending vehicle for small businesses. It was created in the Coronavirus Aid, Recovery and Economic Security Act and originally funded with $350 billion. After that was depleted, another $310 billion was added. Recipients can qualify for loan forgiveness if they meet certain criteria.

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