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Survey shows importance of PPP loans

A survey of Precision Metalforming Association (PMA) and National Tooling & Machining Association (NTMA) members shows more than 91 percent of respondents reported having received a Small Business Administration Paycheck Protection Program (PPP) loan to retain employees. Still, more than 70 percent of respondents reported that they may need to furlough or terminate employees when their loan funding ends. The survey showed the top policy priorities for manufacturers are for Congress to extend the PPP term loan forgiveness from eight to 16 weeks, to allow for deductibility of business expenses paid with PPP proceeds, to extend the PPP’s deadline for loan forgiveness from June 30 to September 30 to rehire employees and to reaffirm congressional intent that spending 75 percent on payroll costs is not a requirement in the law.