Withum COVID-19 Bill Update – 6/2/2020

June 2, 2020

Status of the PPP Flexibility Act: So far there is no news on the status of the changes to the PPP program other than the fact that Mitch McConnell confirmed that the Senate would “take up the bill.”  This is significant and we expect to see movement in the next few days. It also seems there may be an effort to merge the two pieces of legislation. The PPP Flexibility Act was passed by the House and the PPP Extension Act originated in the Senate but has not come to a vote. There are subtle differences, but all of them are borrower friendly. Stay tuned.

Status of the Program: The SBA released new statistics on the status of the program via a PowerPoint as of May 30th. The document shows various statistics with respect to the type of borrowers, the average loan size, etc. Notably, it also shows that the program itself still has over $80B of funds available, and apparently negligible remaining demand.

Reminder Section:  (what should I be doing):

  • Call your payroll company about claiming the payroll tax deferrals and employee retention credits that were made available in the CARES Act.
  • Talk to your payroll company about the Sick Pay Bill (passed prior to the CARE Bill).
  • Consider speaking with your bank to discuss changes to terms of existing debt facilities. The banking system remains strong.
  • If you have already applied for the PPP, start forecasting how you intend to spend the funds and how to qualify for the highest amount of forgiveness possible.
Related Articles
According to the CDC, COVID-19 vaccines are safe and effective. Some individuals may experience side effects, but they are typically short lived. For the most part, the benefits of the vaccine far outweigh the short duration side effects. With more Americans receiving the vaccines every day it is important to start planning for the post vaccine era. These guidelines are intended to help you do just that, but it is likely that they will change several times over the coming months, so please continuously watch for updates from MCAA. …
The CDC has revised its guidelines regarding cleaning and disinfecting surfaces to prevent the spread of COVID-19. The virus that causes COVID-19 can land on surfaces, and it's possible for people to become infected if they touch those surfaces and then touch their nose, mouth, or eyes. However, it has been determined that the risk of infection from touching a surface is low. The CDC now believes that the most reliable way to prevent infection is to regularly wash hands and use hand sanitizers.…
The purpose of the week is to support the CDC's campaign to raise awareness about the safety, effectiveness, and benefits of receiving a COVID-19 vaccine. The CDC is providing an Essential Workers COVID-19 Vaccine Toolkit to help affected employers educate their workers about COVID-19 vaccines.…
The new administration is putting a lot of pressure on OSHA to perform COVID-19 related inspections and enforce the agency’s guidance to prevent the spread of COVID-19 in the workplace. OSHA’s new Special Emphasis Program (SEP) on COVID-19 gives the agency the impetus it needs to do just that. Employers should prepare for the possibility of unprogrammed and programmed COVID-19 inspections. …

Get the management and leadership skills you need to help your company succeed through MSCA's intensive four-day Service Managers Training, November 2-5, 2021. Learn more at http://ow.ly/zzby50EtxZm

Don't miss MCAA’s Sponsor Spotlight #19 with MCAA’s CEO, Timothy Brink and @johnsoncontrols' Vice President, Sales, HVAC & Controls, Brandon Jackson. Register today to join Tim and Brandon on Friday, April 23rd at 2 p.m. Eastern. http://ow.ly/KwDJ50Etc7k

MCAA’s 2021 MEP Innovation Conference is proving to be a popular platform for contractors to learn about how new tools, processes, technology and equipment are impacting our operations. This is your last chance to join the more than 700 already registered. http://ow.ly/9KlT50Es57S

Load More...