Latest on the Main Street Lending Program
As of today – yet again – no MSLP launch date has been announced. We will continue to monitor the Federal Reserve for information and provide you with any relevant and timely updates.
Latest Congressional Action on the Paycheck Protection Program
Tomorrow, the U.S. House of Representatives will vote on, and most likely pass, the Paycheck Protection Program Flexibility Act which provides much-needed reform to the Paycheck Protection Program. Today, NAW sent a letter to the House to express our full support of this legislation. Click here to read our letter to the House.
Specifically, the bill would:
- Extend the loan maturity of the unforgiven portion of a PPP loan to a minimum of 5 years
- Extend the covered period from June 30 to December 31, 2020
- Change the time during which a loan must be spent from 8 weeks to 24 weeks
- Remove the mandate that 75% of a loan must be spent on payroll by forbidding the SBA Administrator from limiting the non-payroll portion of a loan
NAW also sent out a grass roots e-alert to members urging everyone to contact their Member of Congress urging them to vote for this bill. If you have not already contacted your Member of Congress, please do so immediately. You can access our E-Alert HERE.
Latest on Liability Protections for Businesses
The Coronavirus Liability Coalition, in which NAW is participating, circulated and helped get organizations to sign a letter that we sent to Members of Congress today, calling for timely, targeted, and temporary COVID-related liability relief legislation. We were successful in having a broad group of signatories for this important call to action.
You can read the letter HERE.
Resources for Employers
As the Coronavirus Pandemic continues to impact the United States economy and businesses across the nation, it can be hard to decipher how new regulations and laws may impact your business. To help you manage these issues NAW has provided information about webinars and seminars that you may find useful:
From ReedSmith Law Firm: CDC issues new guidance on re-opening the workplace
The U.S. Centers for Disease Control and Prevention (CDC) recently released new guidance (the Guidance) and a flowchart (the Flowchart) detailing how states can safely reopen businesses and schools in the wake of the COVID-19 pandemic. The 60-page guidance document covers a wide range of topics, including surveilling, contact tracing, and controlling COVID-19 cases.
To read the full article, click HERE.
National Conference of State Legislatures Webinar: COVID-19 has caused states to face a tumultuous economic environment that has sent unemployment claims to a shocking level and the future of our workforce remains uncertain. Join NCSL for this webinar to discuss the latest labor market outlook and the continued efforts to combat massive layoffs and getting Americans safely back to work.
To register for the Webinar, click HERE. After registering you will receive a confirmation email containing information about joining the webinar.
Latest on Re-Opening the Economy
With state and local governments gearing back up to re-open the economy, many employers are seeking answers to the challenging issues they will face as they resume their business operations amidst COVID-19.
Stateside Associates publishes a daily report about State and Local Government responses to the evolving situation. Some of the new developments in today’s report include:
- Delaware Governor John Carney (D) announced all Delaware food and drink establishments may apply to their local municipal or county jurisdiction with plans to expand outdoor seating.
- Idaho Governor Brad Little (R) and the Testing Task Force have recommended that testing across all groups of people should be expanded. This will include testing of both symptomatic and some asymptomatic people based on priority level. The task force proposed five testing priority levels based on testing need.
- Virginia Governor Ralph Northam (D) announced during his May 26 press conference that he would be implementing a statewide face mask requirement. Individuals will be required to wear face masks inside public places of businesses with some exceptions including health related conditions.
We are also providing a link to a spreadsheet that includes state and local COVID-19 response information provided by MultiState Associates.
To view their spreadsheet, go to:
May 28 NAW Webinar on Economic Outlook:
We are partnering with NAW senior economic advisor Alan Beaulieu to produce a second critical economic forecast webinar. This webinar, “Distribution Post COVID-19 Outlook,” will run Thursday, May 28, from 3:00 to 4:30 PM EDT. Seats are limited, so if you are interested, please purchase your seat today at:
Jade West, Chief Government Relations Officer
Blake Adami, Vice President-Government Relations
Seth Waugh, Associate Vice President-Government Relations
National Association of Wholesaler-Distributors
The above information and links to other information has been prepared by NAW for the general information of NAW members. It is not intended to, and does not, provide tax, legal or professional advice concerning any specific matter. You should not act on the information without first obtaining professional advice and counsel.