WASHINGTON, DC – The House and Senate have passed a bipartisan $900 billion economic relief package to aid the nation’s pandemic recovery.
The final legislation allows forgivable loan funds to be used for covered business expenses that include accounts receivable debt. NFI has consistently urged Congress to address this issue by classifying accounts receivable debt as a forgivable expense under the Paycheck Protection Program. We are pleased that this new package includes a provision that does just that.
The seafood industry, and the 1.7 million Americans jobs along its value chain, has been saddled with approximately $2.2 billion in outstanding debt since the beginning of the pandemic. The vast majority of that debt is held by small businesses that have struggled to survive.
The relief package illustrates that Members of Congress heard NFI’s message about our members’ supply chains and acted on the critical need for access to this funding. This is a win for the seafood community that will provide badly needed relief to restaurants and the seafood processors and distributors that supply them. NFI applauds Congress for this achievement.