Music & Games

IAAPA calls for amendments to PPP loans

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May 29, 2020

The International Association of Amusement Parks and Attractions has urged members to contact lawmakers to amend the Paycheck Protection Program, according to a press release. The IAAPA noted that the U.S. U.S. Senate is expected to vote on legislation to amend program.

The IAAPA wants the following amendments:

• Increased loan forgiveness flexibility on how funds can be used and the timeline for usage from eight to 20 weeks after commencement of loan.
• Given the uncertainty of the pandemic and the ability of businesses to fully open, extend the duration of the program through Dec. 31, 2020 and focus funds on the most severely impacted businesses such as those subject to mandatory shutdowns and social distancing requirements. 
• Given the anticipated slow recovery of the attractions industry to full capacity, increase loan repayment terms from two to 10 years.
• For the purposes of eligibility for the PPP for seasonal businesses such as attractions industry businesses, change the definition of "employee" to "full-time equivalent" to accurately reflect the size of the business. 

To send lawmakers a form letter, click here.