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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 today:

·         Joint Statement by Secretary Steven T. Mnuchin and Administrator Jovita Carranza on Establishing Dedicated Hours for Small Lender Submissions of PPP Applications

·         Frequently Asked Questions (Question 38)

 

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.

ASA Joins Automotive Industry Coalition in Letter to NGA

The Automotive Service Association (ASA) joined other automotive repair and maintenance associations in signing a letter to the National Governors Association (NGA) regarding workers compensation programs. Due to the ongoing COVID-19 pandemic, states are beginning to make COVID19 rules for workers compensation programs that could have an overreaching impact on employers and employees in a rush to streamline the claims process.

 

To read the letter in its entirety, click here.

NHTSA Examines FMVSS Options for Autonomous Vehicles

Today, the U.S. National Highway Traffic Safety Administration (NHTSA) released a report highlighting options to work around 12 Federal Motor Vehicle Safety Standards (FMVSS) that pose as barriers to deploying autonomous vehicles.

Per Politico, “The report examined FMVSS regarding occupant protection, door locks, head restraints, transmission shifting and braking, rollaway prevention, tire pressure monitoring systems and more.”

NHTSA plans to examine 18 more FMVSS for potential modifications.

To read the report in its entirety, click here.

U.S. Senators Send Letter in Endorsing Expanding PPP Eligibility

A bipartisan group of U.S. Senators sent a letter to Republican Leader Mitch McConnell (R-KY), Minority Leader Chuck Schumer (D-NY) , Senator Marco Rubio (R-FL), and Senator Ben Cardin (D-MD), urging consideration of 501(c)(6) organizations to be eligible for the Paycheck Protection Program (PPP).

The PPP, established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides small businesses that have been impacted by the COVID19 pandemic with funds to assist with payroll, rent, utilities, and interest on mortgages.

In the letter, lawmakers state that, “to help local 501(c)(6)s meet their current obligations and continue assisting small businesses in our communities, we endorse expanding access to the Paycheck Protection Program in forthcoming legislation.”

To read the letter, click here.

To view who is currently eligible for the PPP, click here.

SBA Administrator and Treasury Secretary Joint Statement on PPP

Today, President Trump signed into law H.R. 266, the Paycheck Protection Program and Healthcare Enhancement Act. The bill provides an additional $321 billion for the Paycheck Protection Program (PPP).

The U.S. Small Business Administration (SBA) and U.S. Department of Treasury have been working together to provide guidance on the roll out of the program.

SBA Administrator Jovita Carranza and Treasury Secretary Steve Mnuchin released a joint statement:

 

Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the resumption of the Payroll Protection Program (PPP):

“We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for American workers and small businesses affected by the coronavirus pandemic. We want to thank Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working with us on a bipartisan basis to ensure that the Paycheck Protection Program is funded so that small businesses can keep hardworking Americans on the payroll.

“The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30 AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.

“The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans. With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief.

“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously. All eligible borrowers who need these funds should work with an approved lender to apply. Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan.

“The Trump Administration is fully committed to ensuring that America’s workers and small businesses continue to get the resources they need to get through this challenging time.”

 

President Trump Signs Latest COVID19 Relief into Law

President Trump signed H.R. 266, the Paycheck Protection Program and Healthcare Enhancement Act, into law. The $484 billion relief bill includes funding for the Paycheck Protection Program (PPP),  Economic Injury Disaster Loan (EIDL) Program, hospitals, and testing.

The $350 billion PPP established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, ran out of funding last week as the nation continues to mitigate the COVID19 pandemic. The EIDL program, also established under the CARES Act, provides economic support to small businesses to help overcome a temporary loss in revenue due to the pandemic.

H.R. 266 provides an additional $321 billion for the PPP and an additional $60 billion for the EIDL program.

To view the bill, click here.

 

U.S. House Passes Bill for Additional PPP, EIDL funding

The U.S. House of Representatives passed H.R. 266, the Paycheck Protection Program and Healthcare Enhancement Act. The bill provides additional funding for the Paycheck Protection Program (PPP), the Economic Injury Disaster Loan (EIDL) Program, hospitals, and testing. The bill passed the U.S. Senate Tuesday afternoon.

To view the bill, click here.

Axios Discussion on Economic Impact of COVID19 on Small Businesses

The COVID19 global pandemic has impacted Americans lives in every way, as the country begins to grow accustomed to a new normal.

Axios held a virtual panel, “Helping Small Businesses Weather the Coronavirus Storm,” focusing on the economic impact of COVID19 on small businesses. Speakers on the panel included small business owners, financial technology (fintech) companies, and government officials.

Alex Chriss, Intuit QuickBooks EVP and GM, discussed the role that the fintech company has played throughout the crisis. Intuit Quickbooks is an accounting software geared toward medium and small-sized businesses. Chriss emphasized that the software has been critical for businesses applying for the Paycheck Protection Program, since information for filling out applications is in one place.

Suzanne Clark, U.S. Chamber of Commerce President, discussed the level of concern small business owners have over reopening. Clark mentioned that while the funding that Congress has passed has been helpful in aiding small businesses, it won’t be enough as small businesses are still concerned about staying afloat and reopening in a safe and sustainable way.

U.S. Senator Tim Scott (R-S.C.), a member of the U.S. Senate Committee on Small Business and Entrepreneurship, stated that there’s “no question that there will be more help on the way for small businesses,” and that the PPP is only one facet of the needs small businesses must to take into consideration.

U.S. House Small Business Committee Hearing on Coronavirus Economic Relief

This morning, the U.S. House of Representatives Committee on Small Business convened for a hearing titled, “Member Day Hearing on COVID-19 Response and Recovery: Committee on Small Business.” Members of Congress testified before the committee on their feedback, concerns, and priorities regarding the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Program, both established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

On Tuesday, the U.S. Senate passed H.R. 266, the legislative vehicle for additional funding for the PPP, EIDLs, hospitals, and testing. The U.S. House of Representatives will likely be voting on the measure today.

To view the hearing in its entirety, click here.

Updated Paycheck Protection Program FAQ Sheet

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 Administration has produced an updated Paycheck Protection Program FAQ Sheet:

The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). This document will be updated on a regular basis.

Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rule (“PPP Interim Final Rule”) (link). The U.S. government will not challenge lender PPP actions that conform to this guidance, 1 and to the PPP Interim Final Rule and any subsequent rulemaking in effect at the time.

To read the updated Paycheck Protection Program FAQ Sheet, click here. 

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