The AVMA Advocacy team worked very hard to influence and improve the Paycheck Protection Program. The Small Business Administration recently released data on the loans and the uptake by the veterinary profession has been significant. About 56% of veterinary practices took PPP loans totaling an estimated $2.1 Billion, with over 80% of the loans being less than $150,000. Over 200,000 jobs in veterinary practices have been protected. A blog posting with data and an infographic can be found at https://www.avma.org/blog/covid-19-loans-are-supporting-veterinary-teams-and-patients.
Congress is working on additional legislation that will impact the PPP, which could include retroactive changes. It is expected to pass before Congress leaves for their August recess. AVMA is actively seeking measures to ensure favorable tax treatment of PPP loan proceeds, and for a streamlined forgiveness process for loans below $150,000, which would include the vast majority of veterinary PPP loans. We have a Congressional Advocacy Network Action Alert out on the tax treatment of PPP funds that can be found at https://avmacan.avma.org/avma/app/onestep-write-a-letter?0&engagementId=508320.