Following Stefanik Advocacy, US Dept of Treasury Issues Updated Seasonal Employer Guidance
Saratoga, NY - Congresswoman Stefanik worked with the United States Department of Treasury to update seasonal employer guidance to ensure seasonal employers can receive equitable financial support when applying for Paycheck Protection Program loans. Previously, Treasury required seasonal employers who were applying for PPP to calculate the maximum loan amount they are eligible for using their average monthly payroll costs from months they were not in operation. Following Congresswoman Stefanik’s advocacy, Treasury issued a new interim rule stating that seasonal employers will be able to elect to determine the maximum loan amount using average monthly payroll from any 12-week period between May 1, 2019 and September 15, 2019.
“The North Country is home to many small seasonal employers who have been severely impacted by the COVID-19 outbreak,” said Congresswoman Stefanik. “I am proud to work at the federal level to continue to push for parity for our seasonal businesses who will feel lasting economic impacts as we approach their peak season. We must continue to support them and provide clear and reasonable guidance as they apply for important SBA relief funding.”