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From the category archives: GA-Legislative Activities
GA-Legislative Activities
In an ABC member survey conducted May 20-June 3, 80% of survey responses indicated their firm had applied for and received loans through the Paycheck Protection Program.
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A new PPP FAQ was released on the good-faith certification, which would clarify that borrowers with loans of less than $2 million are deemed to have made the certification in good faith.
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On April 27, a bipartisan group of 18 U.S. senators urged expanding eligibility for the Paycheck Protection Program to include 501(c)(6) organizations in the next coronavirus relief package. If your senator supported this effort, please take the time to thank them through ABC’s Action Alert.
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On April 24, the president signed into law a $484 billion bipartisan deal to extend the Paycheck Protection Program and provide additional funding for hospitals and testing for the virus. Following the bill’s passage, additional guidance was issued by the Small Business Administration and U.S. Department of Treasury on the second round of funding for the popular loan program.
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Last week, the Federal Reserve took additional actions to provide up to $2.3 trillion in loans to support the economy during the COVID-19 health crisis.
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Wisconsin held its in-person election on April 7, despite numerous primary postponements and some public criticism. Former Vice President Joe Biden won with 62.93% of the vote, bringing his delegate count to 1,293 (1,991 delegates are needed to secure his nomination).
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The New York State Legislature took action to include an expansion of prevailing wage in the state’s budget for fiscal year 2020-21, which was signed into law on April 3 by Gov. Andrew Cuomo (D). The provision expands the view of what projects are considered “public works” and applies prevailing wage to private projects of $5 million or above in project cost that receive at least 30% of their financing from public assistance. This assistance goes beyond direct public investment to include loan and grant programs and certain tax incentives, greatly increasing the number of projects required to pay prevailing wages.
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The Small Business Administration and the U.S. Department of Treasury confirmed ABC’s interpretation of the IFR and addressed this issue in a release of FAQs for lenders and borrowers. Importantly, this document clarifies that businesses do not have to qualify as both a small business concern and have 500 or fewer employees. ABC continues to urge eligible members in need to apply for PPP loans.
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ABC issued a key vote to the Senate on an amendment submitted by Sen. Ron Johnson (R-Wisc.). The amendment would have replaced the mandated paid leave requirements of the House-passed Families First Coronavirus Response Act that affect employers with fewer than 500 employees with unemployment insurance capped at $1000 per week.
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On March 6, President Trump signed the Coronavirus Preparedness and Response Supplemental Appropriations Act, an $8.3 billion emergency spending bill that, among many other things, gave the Small Business Administration the ability to issue an economic injury disaster loan declaration pertaining to coronavirus.
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