Daily Briefing – 123

Post: Aug. 5, 2020

DiNapoli: Paycheck Protection Program Helps 72% of New York Small Businesses

Nearly three-quarters of New York State small businesses received assistance in recent months through the federal government’s Paycheck Protection Program (PPP), according to Census Bureau survey data for the week ending June 27.

$38.2 billion in PPP loans were approved for New York applicants through July 24, 2020, according to data from the U.S. Small Business Administration (SBA), which implements the program.

Kodak Loan Disclosure and Stock Surge Under SEC Investigation

The Securities and Exchange Commission is investigating the circumstances around Eastman Kodak Co. ’s announcement of a $765 million government loan to make drugs at its U.S. factories, according to people familiar with the matter.

News of the loan last week caused Kodak’s shares to rise as high as $60, before falling to about $15 on Monday due to a dilution in the shares. Amid the heightened volatility, trading volume has surged. The price spike briefly produced a potential windfall for company executives who owned stock-option grants, some of which were granted on July 27, the day before the loan was officially announced.

Stimulus Negotiations: Things are Starting to Move, Enhanced Unemployment likely to be Retroactive

After seven meetings, totaling more than a dozen hours, the top Democratic and White House negotiators are not just walking through their disagreements, but putting offers on the table, trading proposals and to a small degree, starting to make concessions. They’ve even agreed on a deadline for a deal — the end of this week.

Pelosi, when asked by CNN’s Manu Raju, what she was seeking for a topline in any final agreement, said $3.4 trillion — roughly the cost of the House-passed bill from May.
Mnuchin, asked by Manu about that, called it “ridiculous.” This is going to become a problem in the days ahead. The topline number is very important for both sides and no amount of budget gimmicks or sleight of hand can reconcile a roughly $2 trillion difference.

EEOC to Resume Dismissing Charges of Discrimination Following Suspension due to COVID-19 Pandemic

Council Associate Member and friend Jackson Lewis reports that On March 21, 2020, the EEOC temporarily suspended issuing dismissals of discrimination, harassment, and retaliation charges filed by aggrieved workers, unless a charging party requested a dismissal.

In its August 3 announcement, the EEOC acknowledged that a continued delay in issuing dismissals could negatively affect both parties’ ability to protect and exercise their rights. The notices of rights to sue that have been held will be issued over the next six-to-eight weeks, beginning with those that have been in suspense the longest. The timing for completing work on issuing suspended notices of rights to sue corresponds with the EEOC’s fiscal year, which ends on September 30, 2020. These notices of rights to sue will be sent by U.S. Mail.

Motor Vehicle Orders the Driving Force Behind Better Than Expected Factory Orders

New orders for American-made goods beat expectations in June, Reuters reports, with particular strength coming from the auto industry. According to the Commerce Department, factory orders rose 6.2% over the previous month, following a 7.7% rebound in May.

Jackson Lewis: Developing, Communicating, Enforcing Best Practices Plan for Employees of Manufacturers

The Centers for Disease Control and Prevention, Occupational Safety and Health Administration, and state health departments continually reiterate what many manufacturers already know. Manufacturers face special challenges. Employees may work in close contact with other employees for extended periods. Spaces, equipment, and common areas are shared. Shift schedules often bring employees in and out of the plant together. Handwashing and hygiene pose special challenges but are very important in industrial spaces.

Manufacturers can develop a system of best practices, communicate them, and enforce them. Indeed, many states require them. Any best practice should be customized to the company and comply with local and state orders. However, nearly all manufacturers should consider the following:

NAM PAC Weekly Election Tracker

With the 2020 general election only 90 days away, the final turn of the horserace is coming into sight. We will come to you weekly for the next 13 weeks to give you the information you need to know ahead of Election Day. This first weekly update will cover the key metrics that we will cover in subsequent issues to offer a snapshot of where the race for the White House, Senate and House of Representatives is heading.

Our Blog