June 17, 2020
AN UPDATE FROM NAW GOVERNMENT RELATIONS TEAM - 6.17
Latest on the Main Street Lending Program
Fed officials continue to say that they will have the facility stood up in a matter of days, but as of today, they have announced no launch date. We will continue to monitor the Federal Reserve for information and provide you with any relevant and timely updates.
Latest on Paycheck Protection Program
Today, the SBA posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act. In addition to revising the full forgiveness application, the SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
- Are self-employed and have no employees; or
- Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; or
- Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%.
The EZ application requires fewer calculations and less documentation for eligible borrowers. Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period.
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:
From Nixon Peabody: Before implementing any new pay structures to maximize loan forgiveness, employers must comply with applicable wage and hour laws. In this alert, Nixon Peabody highlight some big-picture issues they encourage employers to consider as they determine how to structure payroll and make employment decisions moving forward.
To read the full article, click HERE.
From ReedSmith Law Firm: Update on everything you need to know about New York’s business re-opening plan [Updated as of June 15] New York State Governor Andrew Cuomo recently outlined guidelines for when Empire State businesses can re-open and return to “in-person” operations. Under the Governor’s plan, re-openings are being determined, first, on a region-by-region basis and then, once a region is eligible to re-open, on a phased industry-by-industry basis.
To read the full article, click HERE.
Last week, the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) published several frequently asked questions regarding face coverings in the workplace. The FAQ includes the use of cloth face coverings, surgical masks, and respirator use.
You can view the document 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.