Included in Heroes Act was language to the SAFE Banking Act, allowing for cannabis banking. The legislation now moves to the Senate where Majority Leader McConnell has indicated that the chamber is not expected to take up the measure.
On May 12, 2020, the House Democrats introduced the Heroes (COVID-19 Stimulus IV) Act. Please see page 1066 of the bill, which highlights the inclusion
of the SAFE Banking Act, allowing for cannabis banking. Also, page 822 allows for the SBA PPP to include all nonprofits including trade associations, etc.
Click HERE to see the full bill.
Click HERE to read the summary.
the call for increased nationwide testing continues, the White
House Coronavirus Task Force has announced plans to prioritize testing supplies
the large commercial laboratories currently providing over half of the
nation's testing. Hospital and university labs report continued
difficulty finding necessary supplies and reagents to perform testing
that often provides a more rapid return on results
compared to sending away for large commercial lab processing. CDC has
communicated the same message regarding a testing supply deficit to ACIL
in our conversations to expand testing to eligible member
PAYCHECK PROTECTION PROGRAM (PPP):
The SBA announced that they would begin accepting PPP loan applications as of 10:30 a.m. EST on Monday, April 27, 2020. The SBA continues to urge businesses in need of this funding to apply as quickly
as possible. On Tuesday, April 28, 2020, SBA Administrator Carranza and Treasury Secretary Mnuchin issued a joint statement on oversight of the PPP loans.
“We have noted the large number of companies that have appropriately reevaluated their need for PPP loans and promptly repaid loan funds in response to SBA guidance reminding all borrowers of an important certification required to obtain a PPP
loan. To further ensure PPP loans are limited to eligible borrowers, the SBA has decided, in consultation with the Department of the Treasury, that it will review all loans in excess of $2 million, in addition to other loans as appropriate,
following the lender’s submission of the borrower’s loan forgiveness application. Regulatory guidance implementing this procedure will be forthcoming. Review the full statement here: https://home.treasury.gov/news/press-releases
H.R. 266 - Paycheck Protection Program and Health Care Enhancement Act
On April 21, the Senate passed H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act, to
provide $484 billion in COVID-19 aide small businesses, hospitals and to expand testing.
The $484 billion aid package negotiated by congressional leaders and the administration would include:
• $310 billion in additional lending authority for the Paycheck Protection Program, with some funds set aside to support loans issued by smaller lenders.
•$60 billion for separate disaster loans to small businesses.
• $75 billion for hospitals.
• $25 billion for virus testing.
The legislation will next go to the House and Speaker Pelosi has indicated that the measure will pass. President Trump is expected to sign the legislation into law. Full text of H.R. 266. Summary of H.R. 266.
On April 27, 2020, President Trump unveiled the Opening Up America Overview and Testing Blueprint designed to facilitate state development and implementation
of robust testing plans and rapid response programs described in the President's
Opening Up America Again Guidelines. The
President’s Blueprint sets
forth the partnership between Federal, State, local, and tribal governments, along with the private-sector and professional associations, all of which will play important roles in meeting the Nation’s testing needs. The administration's testing
overview and testing blueprint are attached to this email. On April 15th, President Trump released guidelines for “Opening Up America Again”.
The plan proposes that States should only begin lifting the restrictions when they can
maintain a downward trajectory of new COVID-19 cases, symptom free for 14 days,
have robust testing for health care workers, and
can treat all patients without needing crisis care.
Health care experts say the phased re-entry the White House has outlined is the right approach, but warn that more widespread testing may be necessary before most people can safely return to work or school, which is not spelled out
in the guidelines. The White House also shared a release on President Trump convening
Members of Congress to serve on the “Opening Up America Again” Congressional group.
U.S. Department of Labor Issues Regulation for New Paid Leave Programs
On April 2, 2020, the U.S. Department of Labor (DOL) issued their regulations re
garding how American workers and employers will benefit from the protections and relief offered by the Emergency Paid Sick Leave Act and Emergency Family and Medical Leave Expansion Act, both part of the Families First Coronavirus Response
Act (FFCRA). The department’s Wage and Hour Division (WHD) posted a temporary rule issuing regulations pursuant to this new law, which went into effect on Wednesday, April 1, 2020. Read the new paid leave regulation.
IRS Guidance on COVID-19 Tax Credits for Businesses Through the Required Paid Leave Programs
The FFCRA provides
small and midsize employers refundable tax credits that reimburse
them, dollar-for-dollar, for the cost of providing paid sick and family
leave wages to their employees for leave related to COVID-19. For
a more detailed overview of these tax credits, click here. For FAQs, click here.