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Trump Signs PPP Flexibility Act Into Law

President Trump just signed H.R. 7010, the Paycheck Protection Program (PPP) Flexibility Act, into law. The bipartisan bill introduced by Congressman Chip Roy (R-TX) and Congressman Dean Phillips (D-MN) passed the U.S. House of Representatives last week on a 417-1 vote. The U.S. Senate passed the bill this week. The bipartisan bill will make necessary changes to the Paycheck Protection Program (PPP) as business owners nationwide have expressed concerns with the program.

The Paycheck Protection Program (PPP), first established in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, was meant to provide fast relief to small business owners. However, issues such as the 75/25 rule and the extent of the loan forgiveness period have posed as obstacles to small business owners nationwide.

The PPP Flexibility Act reforms essential aspects of the PPP to provide great flexibility for small business owners. Changes to the PPP include:

  • Allowing forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;
  • Increasing the current limitation on nonpayroll expenses (such as rent, utility payments and mortgage interest) for loan forgiveness from 25 to 40 percent;
  • Extending the program from June 30 to December 31;
  • Extending loan terms from two to five years; and
  • Ensuring full access to payroll tax deferment for businesses that take PPP loans.
To view a summary of H.R. 7010, click here.  To read the full text of the bill, click here. 

IIHS Study Finds AVs Might Not Prevent All Crashes

A new study released by the Insurance Institute for Highway Safety (IIHS) found that autonomous vehicles (AVs) would struggle to eliminate most crashes.

Per IIHS, “Conventional thinking has it that self-driving vehicles could one day make crashes a thing of the past. The reality is not that simple. According to a national survey of police-reported crashes, driver error is the final failure in the chain of events leading to more than 9 out of 10 crashes.”

The study looked at more than 5,000 police-reported crashed from the National Motor Vehicle Crash Causation Survey collected by the National Highway Safety Traffic Administration (NHTSA).

Final Rules for CCPA

Per Protocol:

Technically, the California Consumer Privacy Act (CCPA) has been law since January. Companies were given six months to figure out how to comply, while the state figured out the final rules and how to enforce them.

Enforcement never stops being tricky, as we’ve seen with GDPR. But at least now we have the rules: California AG Xavier Becerra submitted final regulations to the state’s Office of Administrative Law yesterday.

  • Most of the changes aren’t substantive so much as clarifying. Who counts as a “third party?” What’s “employment-related information?” Do you have to respond to requests in 10 days, or 10 business days? Who counts as an “average consumer?” Also, a lot of reordering and renumbering.
  • The new rules also offer businesses a lot of specific guidance — on where to put links and notices on their websites, how to reach people offline, when they do and don’t need to respond to requests, and more.

The law has been through the ringer recently, subject to open forums and public comments from a huge number of people.

  • The list includes plenty of tech bigwigs: Roger McNamee, Brave’s Johnny Ryan, Apple’s Katie Kennedy, Okta’s Fatime Khan, Google’s Cynthia Pantazis, Mapbox’s Thomas Lee and Kathleen Lu, and many others. Even Alistair McTaggart, who’s already trying to write new privacy legislation, weighed in.
  • Few commenters were more prolific than Kevin McKinley, the Internet Association’s director of government affairs.
  • All of which is to say, the tech industry has made very certain that its voice was heard.

There’s a final review step for the rules, before they’re signed into law. CCPA enforcement is scheduled to begin July 1, which means businesses have a month to get caught up on the rules and get on board.

 

To view the final regulation, click here.

UPDATE: Additional Information for PPP and Small Business Assistance

The Trump Administration continues to update and provide additional information and resources with regard to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The U.S. Department of the Treasury and the U.S. Small Business Administration released additional guidance regarding the Paycheck Protection Program:

Assistance for Small Businesses

The Paycheck Protection Program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.

Program Overview

For Borrowers

For Lenders

  • Lender Assistance Hotline: (833) 572-0502

Program Rules

 

For more information and updates, visit Treasury.gov/CARES and SBA.gov/PayCheckProtection.

OSHA Issues Alert on Social Distancing During Pandemic

The U.S. Department of Labor Occupational Safety and Health Administration (OSHA) has been dedicated to keeping American workers safe during the COVID-19 pandemic. Per the Department of Labor, “Today, Principal Deputy Assistant Secretary for Occupational Safety and Health Loren Sweatt testified before the House Education and Labor Committee’s Workforce Protections Subcommittee about  the agency’s role during the crisis.”

The Department of Labor is highlighting OSHA’s continued work to keep American workers safe during these unprecedented times. OSHA has released many public statements related to the coronavirus pandemic.

To read those statements, click here.

 

SBA and Department of Treasury Announce Interim Final Rule

The U.S. Small Business Administration (SBA) and U.S. Department of Treasury released an interim final rule on Temporary Changes to the Business Loan Program under the Paycheck Protection Program (PPP). The interim rule provides borrowers and lenders guidance on requirements governing the forgiveness of PPP loans.

“This rule is being issued to allow for immediate implementation of the forgiveness component of this program. Although this interim final rule is effective immediately, comments are solicited from interested members of the public on all aspects of this interim final rule.”

To read the interim rule, click here.

SBA and Treasury Department Announce $10 Billion for CDFIs to Participate in the PPP

“Today, the U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program (PPP) to be lent exclusively by Community Development Financial Institutions (CDFIs).  CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses.  These dedicated funds will further ensure that the PPP reaches all communities in need of relief during the COVID-19 pandemic – a key priority for President Trump.

“The forgivable loan program, PPP, is dedicated to providing emergency capital to sustain our nation’s small businesses, the drivers of our economy, and retain their employees,” said SBA Administrator Jovita Carranza. “CDFIs provide critically important capital and technical assistance to small businesses from rural, minority and other underserved communities, especially during this economically challenging time.”

To read the press release from the SBA, click here.

UPDATE: Additional Information for PPP and Small Business Assistance

The Trump Administration continues to update and provide additional information and resources with regard to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The U.S. Department of the Treasury and the U.S. Small Business Administration released additional guidance regarding the Paycheck Protection Program:

Assistance for Small Businesses

The Paycheck Protection Program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.

Program Overview

For Borrowers

For Lenders

Program Rules

 

For more information and updates, visit Treasury.gov/CARES and SBA.gov/PayCheckProtection.

House Passes Paycheck Protection Program Flexibility Act

Today, the U.S. House of Representatives passed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020, 417 – 1. The bipartisan bill was introduced by Congressman Chip Roy (R-TX) and Congressman Dean Phillips (D-MN).

The Paycheck Protection Program (PPP), first established in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, was meant to provide fast relief to small business owners. However, issues such as the 75/25 rule and the extent of the loan forgiveness period have posed as obstacles to small business owners nationwide.

The PPP Flexibility Act reforms essential aspects of the PPP to provide great flexibility for small business owners. Changes to the PPP include:

  • Allowing forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;
  • Increasing the current limitation on nonpayroll expenses (such as rent, utility payments and mortgage interest) for loan forgiveness from 25 to 40 percent;
  • Extending the program from June 30 to December 31;
  • Extending loan terms from two to five years; and
  • Ensuring full access to payroll tax deferment for businesses that take PPP loans.
To view a summary of H.R. 7010, click here. 

To read the full text of the bill, click here. 

Trump Administration Sued Over Auto Emissions Rollback Rule

Today, California and 22 other states and jurisdictions sued the Trump Administration over the U.S. Environmental Protection Agency (EPA) and the National Highway Safety Traffic Administration (NHTSA) final rule, The Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule for Model Years 2021-2026 Passenger Cars and Light Trucks.

Per California Attorney General Xavier Beccera, “The Clean Car Standards require appropriate and feasible improvements in fuel economy and reductions in greenhouse gas emissions from passenger cars and light trucks. Since their introduction in 2010, these standards have saved consumers money, reduced harmful emissions, and helped protect the health of our communities. The Trump Administration’s misguided SAFE rule stops this progress in its tracks, hurting the economy and public health at a time when the country can least afford it.”

To read the lawsuit, click here.

To read AG Xavier Beccera’s announcement, click here.

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