ALTA Applauds Congress for Passing COVID-19 Stimulus Package, Streamlining PPP Forgiveness Process

December 22, 2020

Congress passed a $900 billion COVID-19 relief bill to bring new support to millions of Americans and businesses.

The package includes many priorities supported by ALTA, including more funding under the Paycheck Protection Program (PPP) and a simplified forgiveness process for these loans. ALTA thanked Congress for its leadership in coming together to pass this much-needed round of relief and stimulus to help struggling Americans during the ongoing COVID-19 pandemic.

“This package will also go a long way to supporting small businesses by providing continued liquidity options through the Paycheck Protection Program,” said Diane Tomb, ALTA’s chief executive officer. “Streamlining the PPP loan forgiveness process and allowing deductibility for expenses paid for with PPP proceeds for these hard-hit businesses will save them billions of dollars and hours of paperwork, allowing them to focus on serving customers and keeping employees safe.

“ALTA strongly advocated alongside its industry partners for inclusion of these provisions, highlighting another advocacy victory alongside many others to close out 2020,” Tomb continued. “PPP funding for ALTA members and the broader title industry, as essential businesses, has been critical in allowing them to continue to serve American consumers at an important time.”

Data released by the Treasury Department this past summer highlighted that more than 5,100 title and settlement companies received funds from the Paycheck Protection Program, saving over 51,000 industry jobs, with 81 percent of loans received by the industry under $150,000.”

The pandemic aid was attached to a $1.4 trillion measure to fund the government through Sept. 30, 2021. President Donald Trump is expected to sign in the next few days.

Of note, the stimulus package:

  • Provides an additional $284 billion for Paycheck Protection Program (PPP) loans and $20 billion for Economic Injury Disaster Loans (EIDL) grants
    • Allows certain eligible businesses to receive a second PPP loan
    • Creates a simplified forgiveness process for most PPP borrowers
    • Allows for deductibility of business expenses paid for with PPP funds
  • Provides a new round of direct stimulus payments of $600 to most Americans including dependents
  • Extends all unemployment assistance, including the Pandemic Unemployment Assistance (PUA), through April 19, 2021, with a $300 weekly boost in payments through March 14.
  • Unemployment benefits are extended to the self-employed
  • Provides $25 billion to the states through Sept. 30, 2022, for rental assistance and allows landlords to apply for funds on behalf of tenants
    • Includes payments for rent in arrears as well as utilities and other expenses related to housing
    • Extends federal eviction ban through the end of January

Contact ALTA at 202-296-3671 or