ALEXANDRIA, Va. (June 5, 2020) — The National Community Pharmacists Association thanked President Trump today for signing legislation allowing small businesses that receive emergency loans under the Paycheck Protection Program up to two years to qualify for forgiveness.
“We’re grateful to the president and congressional leaders for making this legislation an urgent priority,” said NCPA CEO B. Douglas Hoey. “Independent pharmacies are family-owned small businesses in addition to front-line health care providers. They’re facing all of the business challenges that affect small businesses, and they’re battling the pandemic.”
The Paycheck Protection Program Flexibility Act extends the term for the forgiveness of emergency loans to 24 weeks (originally 8 weeks) or until the end of the calendar year. It allows for five years to repay any money owed, and it reduces from 75 percent to 60 percent the amount that must be used for payroll. NCPA pushed hard to include independent pharmacies in the original PPP and it strongly supports the measure.
A recent NCPA survey showed that 96 percent of independent pharmacies applied for the PPP loans, and that 99 percent of those who applied received funding.
For more information about NCPA, please visit www.ncpa.org.