Senators Urge Treasury, SBA Make Telecom Co-ops Eligible for PPP
Senate Communications Subcommittee Chairman John Thune, R-S.D., and Sen. Amy Klobuchar, D-Minn., urged the Treasury Department and Small Business Administration to clarify telecom cooperatives classified as IRS 501(c)(12) entities are eligible for Paycheck Protection Program funds. Congress first authorized PPP…
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in March via the Coronavirus Aid, Relief and Economic Security Act (see 2003260063). The Health and Economic Recovery Omnibus Emergency Solutions Act (HR-6800), which the House passed Friday (see 2005180056), includes language to make broadcasters and other local outlets eligible for PPP. An interim final rule “clarifies that electric cooperatives” organized as 501(c)(12)s are eligible for funding, but “further clarification” is needed to also include telecom co-ops, Thune and Klobuchar wrote Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza. Treasury and SBA didn’t comment.