NCPA applauds PPP loan extension

Thursday, June 4, 2020

ALEXANDRIA, Va. – The National Community Pharmacists Association says allowing small businesses up to two years to qualify for loan forgiveness under the Paycheck Protection Program is a victory for local pharmacies. The Senate passed the measure June 3. 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 the amount that must be used for payroll from 75% to 60%. “The original law was designed to get small businesses through the initial economic shock,” said B. Douglas Hoey, NCPA CEO. “It’s clear that the economy will take much longer to recover, so extending the PPP is very important. Local pharmacies are being battered by COVID-19’s impact on the economy. They are critical to the country’s health care infrastructure during normal times and during national emergencies.” A recent NCPA survey showed that 96% of independent pharmacies applied for a PPP loan.