Senate passes $484 Billion Coronavirus Deal
The agreement centers around providing $380 billion for small businesses and also includes $75 billion for hospitals and $25 billion for disease testing. It comes after a brutal conflict between party leaders over how to pass a massive bill with the Senate in recess.
The deal includes an additional $310 billion for the Paycheck Protection Program (PPP), including $60 billion specifically for community banks and smaller lenders, as well as $75 billion for hospitals, $25 billion for testing, and $60 billion for emergency disaster loans and grants, according to a summary obtained by The Hill. Of that testing money, $11 billion will go to states and some will also go to the federal government.
The House is expected to take up the bill on Thursday. President Trump has indicated he will sign it.
Governor Cuomo: Meeting with President Trump “Productive” The Two Leaders “Got a Lot Done.”
According to the Governor the primary topics discussed were testing roles – who should be doing what on testing. The State role will be making decisions on where the tests are being distributed and directing the practices of taking the tests. The State will work with the 300 labs in New York to facilitate the testing process.
The Federal Government’s role will be coordinating with test manufacturers to increase production and managing the supply chain. The chemicals needed for the tests, called reagents, come from other nations and the Federal Government needs to intervene to get the needed reagents to the states.
The Governor and the President came to an agreement about their respective roles and committed to follow through on them.
The Governor has set a goal of testing 40,000 tests per day, which is the maximum capacity of the State’s testing labs running at capacity twenty-four hours a day, seven days a week. Both diagnostic and antibody tests would be produced but the State has not determined how many of each are needed.
The Governor added that it will take a few weeks to get to this level and will be expensive.
Cuomo Says He Wants Regional Approach to Reopening New York Economy
The Governor today announced a regional approach to reopening the economy. This will be based upon each region’s COVID-19 facts and circumstances. Different regions of the State have different curves and variations. While we are one State, we have to take into account and understand these variations order to get the economy open as soon as possible.
Factors that will be taken into consideration include hospitalization rates, hospital capacity, infection rate and if the region is on the ascent, descent or on a plateau.
Lieutenant Governor Kathy Hochul will be in charge of the Western New York regional public health and reopening strategy, Former Lieutenant Governor Bob Duffy will coordinate the Finger Lakes Region. There will not be regional committees formed, it will be a coordination between State and local officials and the decision will be data driven.
SBA Update on PPP and EIDL Application Process
SBA advises that “While appropriations have lapsed and new PPP/EIDL applications cannot be accepted, EIDL loans and advances are continuing to process in the order that they were received. There is still no mechanism at this time for checking the status of an EIDL application until it has been processed. When the application is processed, the applicant will be notified.
For PPP, borrowers must contact their lender for updates on their specific loan application. Applications approved by the lender and electronically submitted to SBA prior to the lapse in appropriations on Thursday were authorized (essentially instantly upon successful submission), and the bank must close and disburse the loan within 10 days of that authorization.”
- EIDL Loans as of 4/20/2020
- EIDL Advances as of 4/20/2020
- SBA Paycheck Protection Program Loan Report as of 4/16/2020
National Association of Manufacturers Releases “American Renewal Action Plan.”
A plan for response, recovery and renewal—focused on the responsibilities, contributions and needs of manufacturers.
Over the weekend, in response to a White House request for immediate feedback from members of the Great American Economic Revival Task Force, NAM shared this plan with the White House Manufacturing Industry Group members, as well as administration officials. It has been shared with congressional offices as well and expect it will guide future legislation.
Many of the recommendations are based on the input from NAM’s association partners,
Manufacturers have mobilized to respond to the unprecedented COVID-19 pandemic in ways unseen in modern history. We developed this plan knowing manufacturers possess a unique perspective on the current situation and are critical to ensuring America emerges stronger than ever.
Essential Factories Provide Lessons on Safety
Factories producing Charmin toilet paper and Totino’s pizza rolls are operating under safety measures that could be emulated by factories that have yet to reopen. “What will the new world actually look like after we make the decision to open up society again?” says Jay Timmons, president of the National Association of Manufacturers.
Earth Day 2020 Pandemic side-effects offer glimpse of alternative future on Earth Day’s 50th Anniversary
The skies are clearing of pollution, wildlife is returning to newly clear waters, a host of flights have been scrapped and crude oil is so worthless that the industry would have to pay you to take it off their hands – a few months ago, environmentalists could only dream of such a scenario as the 50th anniversary of Earth Day hove into view.
But this disorientingly green new reality is causing little cheer given the cause is the coronavirus pandemic that has ravaged much of the world.