Private 501(c)(7) nonprofit clubs are included in the Paycheck Protection Program (PPP) in the $1.9 trillion COVID-19 stimulus package being considered by Congress. Today, the House Committee on Small Business released their additions to the framework bill and included 501(c)(7) clubs with less than 300 employees to be eligible to receive PPP loans. Additionally, the Paycheck Protection Program is expanded by $7.25 billion to provide relief to nonprofits.
The House Committee on Small Business will complete their markup tomorrow evening. Following committee consideration, NCA will apprise you of the status and will confirm the inclusion of 501(c)(7) clubs. Please note committee consideration marks an early step in the legislative process to enact an additional COVID-19 relief bill before Speaker Nancy Pelosi’s stated goal of March 15.
This inclusion marks a critical step to provide the relief clubs have requested since the onset of the pandemic.
“We are extremely pleased that 501(c)(7) clubs are included in this framework to receive PPP relief,” said Henry Wallmeyer, President & CEO of the National Club Association. “NCA has led the industry in the many efforts needed to make sure that clubs are finally included in this vital program. This breakthrough is a testament to NCA’s work and the strength and resilience of our industry.”
NCA will continue to keep you updated on the latest developments of this bill. For additional information on this issue, please contact NCA at [email protected].