On July 13, 2020, NTCA–The Rural Broadband Association submitted comments in response to the Federal Register Publication seeking input on the “interim final rule” applicable to parties seeking funds through the Paycheck Protection Program (“PPP”). NTCA supports the Small Business Administration’s (“SBA”) clarification that a telephone cooperative that is exempt from federal income taxation under section 501(c)(12) of the Internal Revenue Code will be considered “a business entity organized for profit” for purposes of 13 CFR 121.105(a)(1) and therefore an eligible PPP borrower. Indeed, SBA’s clarification on PPP eligibility is responsive to the clearly expressed views of several senior members of Congress.
Business Loan Program Temporary Changes; Paycheck Protection Program—Eligibility of Certain Telephone Cooperatives, Docket Number SBA–2020–0034