Independent pharmacies applaud PPP extension
The National Community Pharmacists Association thanked President Trump today for signing legislation allowing small businesses that receive emergency loans under the Paycheck Protection Program up to two years to qualify for forgiveness.
“We’re grateful to the president and congressional leaders for making this legislation an urgent priority,”said NCPA CEO Doug Hoey. "Independent pharmacies are family-owned small businesses in addition to front line health care providers. They’re facing all of the business challenges that affect small businesses, and they’re battling the pandemic.”
NCPA applauded Senate passage of the measure before it was sent to President Trump for his signature.
“This is an important victory for local pharmacies that are trying to position their businesses as part of the economic recovery even as they battle the pandemic,” said Hoey.
The Paycheck Protection Program Flexibility Act, which sailed through the House last week, 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 from 75% to 60% the amount that must be used for payroll. NCPA pushed hard to include independent pharmacies in the original PPP.
A recent NCPA survey showed that 96% of independent pharmacies applied for the PPP loans and that 99% of those who applied received funding.
"The original law was designed to get small businesses through the initial economic shock,” said Hoey. “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.”