AN UPDATE FROM NAW GOVERNMENT RELATIONS TEAM - 7.6
Latest on the Main Street Lending Program
This morning, the Boston Fed issued a press release announcing that “the Main Street Lending Program is Fully Operational” and encouraged lenders “to begin submitting qualifying loans.”
Eric Rosengren, President of the Boston Federal Reserve Bank, said in what could be described as a huge understatement that, “This is an important milestone for the Main Street Program.”
To view the Fed’s press release, click HERE.
More information is available on the Boston Fed website: www.bostonfed.org/mslp
Latest on the Paycheck Protection Program
Last week both houses of Congress passed legislation extending the deadline for applying for a PPP loan from June 30th to August 8th. The President signed the bill into law over the weekend.
This morning the Small Business Administration held a conference call for trade association stakeholders, reporting that all of their PPP systems were operational again, and that 500 loans had been processed since the deadline had been extended.
SBA also released a press statement on the disclosure of information on PPP loans and borrowers, and a document explaining the loan data being disclosed.
To view the SBA press release, click HERE.
To view the key aspects of Paycheck Protection Program (PPP) loan data, click HERE.
According to the SBA, all loans over $2 million will be reviewed (which they distinguish from being audited).
Information on loans which were returned or cancelled will not be disclosed.
For loans over $150,000, the agency has disclosed the borrowers’ names, addresses, Congressional Districts, and any demographic information that the borrower had voluntarily provided. Loan amounts are provided within ranges rather than in specific amounts to prevent “reverse engineering” that could result in disclosure of borrowers’ proprietary and confidential information.
For loans under $150,000, borrowers’ names and addresses will not be published. Rather, the data on those loans have been released by state, identifying NAICS codes, lenders’ names and Congressional districts. The table will provide raw data by state in descending amount of loans provided.
However, raw data on all loans, including those under $150,000, is available in a massive searchable database.
To access the loan information, click on the links in this Treasury document, then click on “download” or the download arrow in the upper right of the page. Note that these are huge files, containing data/information on more than 4 million separate loans.
To view the Treasury document, click HERE.
Latest on Economic Recovery and Re-Opening the Workplace
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 is providing information about reports, webinars and seminars that you may find useful:
The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has published updated FAQs and answers to provide guidance to employers and employees about topics such as the best practices to prevent the spread of infection during the coronavirus pandemic, workers’ rights to express concerns about workplace conditions, testing for the coronavirus, worker training and returning to work.
To read the latest FAQs, click HERE.
Stateside Associates publishes a daily report about State and Local Government responses to the evolving situation.
To read their latest report, click HERE.
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, click HERE.
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.