b'LEGISLATIVE REPORT:Lets Review Federal Pandemic LEGISLATIVE Economic Relief OptionsED WELCH // PVA LEGISLATIVE DIRECTORE ver since March 2020, PVA has workedthe loan converts to a grant. Not only that, theRecently,theSBAannouncedasimpler doggedly to ensure that federal economicforgiven amounts are free from federal incomestreamlinedprocedureforforgivenessofsmall assistance is available to the U.S. passengertaxes,andtheexpensesforwhichthePPPPPP awards (those of $150,000 or less). In these vesselindustrytoensurethatitsmembersproceedswereusedaredeductibleonfederalsituations, the applicant can seek forgiveness by survive the economic dislocations caused by thebusiness tax returns. submitting a simple pre-fi lled application directly coronaviruspandemic.Whileourpreferenceto the SBA by means of a special portal, which can has been for grants targeted to passenger vesselA PPP recipient can apply for forgiveness at anybe accessed here.operators,wesoughttoensurethatPVAtime after all of the funds have been spent and memberswereeligibletoreceiveassistancebefore the maturity date of the PPP loan (eitherPVAlobbiedforthecreationofPPPandfor throughvariousloanprogramsaswell.Letstwo or fi ve years after the origination date of theadequatefundingforit.PVAalsoeducated review the results. loan). But it is best to act within 10 months ofmembers how to apply by means of a webcast and the completion of the Covered Period, becausenumerous articles in PVA publications. PPP is an PAYCHECK PROTECTIONthis relieves the borrower of the obligation toexampleofafederalgovernmentprogramthat PROGRAM (PPP) make payments while the SBA is consideringworked well.The U.S. Small Business Administration (SBA)the forgiveness application. The Covered Period closed its wildly popular Paycheck ProtectiongenerallybeganonthedatethataborrowerCORONAVIRUS ECONOMIC RELIEF Program at the end of May. SBA distributedreceived the PPP funds and ended on a dateFOR TRANSPORTATION SERVICES more than $791 billion to nearly 11.5 millionbetween eight to 24 weeks thereafter, as selected(CERTS )smallbusinesses.NumerousPVAmembersby the borrower. Congressprovidedveryfewindustrysegments obtainedPPPassistanceandmanyreportedwithtargetedcoronavirusfi relief.nancial that it was critical to their ability to stay afl oatFor relatively larger PPP awards, the forgivenessCommercial airlines were the most visible sector. fi duringthedarkestdaysoftheapplicationmustbesubmittedthroughtheBut private operators of passenger vessels also werenancially economic collapse caused by the pandemic. samebankorprivatelendinginstitutioneligible for targeted aid, thanks to the CERTS Act, through which the original PPP application wasa major legislative lobbying victory for PVA.A tremendous feature of PPP is that some or allprocessed.Todemonstratethattheproceeds of the loan can be forgiven if the recipient usedwereusedinawaythatjustifi esforgiveness,Inmid-summer,theU.S.Departmentofthe it to maintain employees on the payroll and forcertainfi recordsmustbesubmitted.Treasury opened a four-week window to receivenancial certain other favored purposes. In other words,ClickherefortheSBAsPPPForgiveness applications for grants for U.S. passenger vessels, web page. motorcoaches, school bus operators, and marine pilots. In late July, PVA members started receiving emailnotifi cationsfromTreasurythattheir Is ElectricCERTS applications had been approved and that the exact amount of the award would be revealed Right Forlater. The process of initial notifi cations continued intoAugust.ThenPVAmembersreported You? thatTreasurydepositswerebeingelectronically transmitted to their bank accounts.Treasury had $2 billion to provide grants to eligible companies that certify they have experienced an annual revenue loss of 25 percent or more as a direct or indirect result of COVID-19. According toTreasuryofficials,thepassengervesselsector was allocated $362 million of the total CERTS funding.Nearly200privatepassengervessel Lets talk about it operatorsreceivedCERTSgrants.CERTS grantfundsareprimarilyintendedtocover Torqeedo Inc. T +1 (815) 444 8806 payroll costs, but may also be used to cover the 171 Erick Street, Unit A - 1 usa@torqeedo.com acquisitionofservices,equipment,including Crystal Lake, IL 60014 www.torqeedo.com PPE and protection measures from COVID-19 LEGISLATIVE REPORT 28 FOGHORN'