COVID 19 Update 35
Aides Expect Schumer, Mnuchin to Reach Deal on Coronavirus Relief
The deal could lead to legislation being passed quickly through the Senate on Thursday, and through the House no later than early next week.
Democrats say that Mnuchin, who is spearheading negotiations for Republicans, is open to a deal even though Senate Majority Leader Mitch McConnell (R-Ky.) doesn’t show much interest in negotiating with Schumer and Speaker Nancy Pelosi (D-Calif.).
Mnuchin, speaking at the White House on Monday, said legislation should focus on small-business programs and that other issues such as funding for state governments and hospitals should be dealt with separately — though he also expressed a willingness to work with Congress on getting money to various needs.
Trump’s New Advisory Group on Reopening Economy Includes Tim Cook, Mark Cuban, Jerry Jones, NAM’s Jay Timmons
President Donald Trump said Tuesday that he’s enlisting advisers from nearly all sectors of American commerce, the medical field and elected office to help shape his plans to reopen the coronavirus-battered economy.
The panel of advisers, whom Trump said he will consult by phone, will operate separately from the White House task force that’s leading the administration’s public health strategy to contain and mitigate the pandemic, though there is expected to be some overlap. “The Great American Economic Revival Industry Groups”, include more than 50 executives and leaders from agricultural, defense and financial service industries, as well as leaders from unions, professional sports, think tanks and more.
NAM President Jay Timmons on being named to the Commission: “Over the past three years, manufacturers have produced impressive gains in investment, job creation and wage growth here in the United States. As the nation prepares to move from relief to recovery and bringing our $22 trillion economy out of its ‘induced coma,’ I look forward to working with the Great American Economic Revival Industry Groups, including the 44 NAM member companies that were also named, to drive this next phase of American renewal, while putting the health and well-being of the American people first. Ultimately, manufacturers, the backbone of this economy, want to be able to invest, grow and hire—right where we left off.”
Read About the Industry Groups at Marketwatch
SBA has Provided the Council of Industry With the Following Updates on the Status of PPP and EIDL.
PPP UPDATE
In NYS, 40,975 PPP loans have been approved for $11,737,950,918. Nationally, over 1 million loans have been approved for nearly $250 billion. For the most current and accurate information about PPP, please continue to visit our website at www.sba.gov/PPP. The Treasury Department page also contains updated helpful FAQ’s at https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.
Updated FAQ: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
EIDL UPDATE
There have been a lot of questions about the status of applications for the EIDL program and Advance. If you have a confirmation number for their application from the streamlined portal that went live on 3/29, but have not received any updates yet, you do not need to contact the customer service number. SBA assures us that your application is still in process, and they are being processed in the order that they were received.
Greenwald Doherty Update on the Payroll Protection Program (PPP)
Businesses are rushing to take advantage of the assistance provided by the CARES Act. While many have already submitted applications for PPP loans, others are wondering if they are eligible for the loan. SBA’s most recent guidance (found here) contains valuable insight into the PPP loan program and clarifies a few important questions.
The laws are changing rapidly in the current pandemic/crisis. Therefore, the legal issues discussed here are subject to constant change. It is best to consult with your counsel concerning any specific legal advice you may have.
Greenwald Doherty Update on the Payroll Protection Program Q&A 04142020
DOL Publishes Fourth Round of FAQs on Paid Leave Law: Reinforces Position on Shelter-in-Place and Isolation Orders, Reasons for Paid Sick Leave
After giving employers a day off from addressing new information concerning the federal Families First Coronavirus Response Act (FFCRA), the DOL released 20 new Q&As concerning employer obligations and employee rights under the new paid sick leave (EPSL) and paid FMLA leave (FMLA+) law. New questions and answers start at #60, with some minor revisions to earlier Q&As.
The full set of Q&As can be found here.
Survey: Virus Will Prompt Examination of Supply Chains
One of the impacts of the coronavirus crisis will be closer examination of supply chains and manufacturing site selection, according to a survey of chief financial offers by PwC. “The question will be, what happens in two years when it is business as usual?” says Omer Abdullah of The Smart Cube, a procurement analytics company.
