The IAM, the Transportation Communications Union (TCU-IAM) and 14 other unions are pushing Congress to drop a corporate-backed proposal to roll back job retention requirements in the Paycheck Protection Program (PPP).
The PPP, a small business loan program created by the CARES Act, was created to keep people working by protecting their paychecks and benefits.
However, legislation that passed the House of Representatives Thursday would drop the requirement that employers use at least 75 percent of PPP funds for payroll expenses, including benefits. The House-passed legislation places the requirement at 60 percent.
The IAM is fighting to preserve the full 75 percent requirement in any legislation that is signed into law.
“Instead of giving up on the job retention goal of the PPP, we implore you to stay focused on defeating the Trump-McConnell agenda of cutting unemployment benefits, gutting workplace safety standards, and most egregiously, eliminating any employer liability for unsafe conditions for workers and customers,” the unions write.
The proposal would also extend the period PPP recipients could spend the funds from eight weeks to 24 weeks.
“Now is not the time to fold; now is the time to fight,” the unions wrote. “We respectfully ask you to hold firm for job retention as a goal in the PPP as well as any other federal coronavirus rescue programs.”
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