An Update from NAW Government Relations Team - 5.16
Latest on Paycheck Protection Program:
Last evening Treasury and the Small Business Administration issued a press statement and released the PPP loan forgiveness application. Of note: in the press release they also say that the “SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.” They provide no information on what the regulations and guidance will entail.
The loan forgiveness application appears on an initial read to be straightforward and comprehensive. Note that it includes the mandate that borrowers meet the controversial 75 percent payroll ratio. As previously reported, the safe harbor by which borrowers may return loans with no questions asked expires on Monday, May 18th.
To read the SBA press release, go to: https://home.treasury.gov/news/press-releases/sm1010
To access the PPP forgiveness application, go to: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf
Latest on the House Democrats’ Heroes Act:
As expected, the House passed the Democrats’ HEROES Act late last night. The bill passed on a narrow, almost Party-line vote of 208-199. Fourteen Democrats opposed the bill: mostly moderates from swing districts and one progressive from a safe district. Only one Republican voted for it. As we’ve reported, this bill will never be taken up in the Senate but will serve as the Democrats’ negotiating document.
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: www.naw.org/distribution-post-covid-19
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.