On Monday, the Senate returned from recess and the GOP is rushing to put together and pass a COVID-19 relief bill prior to the August recess. The Senate’s proposal is estimated to cost around $1.3 trillion, which is substantially less than the $3 trillion HEROES ACT passed by the Democratic house in May. However, the Republican party is divided on what should be included in a new relief bill. President Trump and Republican leadership are at odds on issues such as a payroll tax cut and funding for COVID-19 testing but are united on business liability protections and a second round of stimulus checks.
COVID-19 Relief Programs:
The Senate is considering legislation that would grant Paycheck Protection Program (PPP) borrowers automatic forgiveness if they received less than $150,000 from the Small Business Administration (SBA) program. Senate Bill S.4117 has bipartisan support in the Senate and would give borrowers the ability to have their PPP loans automatically forgiven (if they received less than $150,000) so long as the borrower submits a one-page form affirming that they complied with SBA loan requirements. The proposal gained further support earlier this week when Treasury Secretary Mnuchin told members of Congress that they should consider passing legislation that would automatically forgive many PPP loans. Furthermore, the American Bankers Association, which represents the U.S. Banking industry, has been aggressively lobbying congress to support the bill’s passage. While the legislation may not pass as a stand-alone bill, it is likely that S.4117’s provisions will be a part of a larger COVID-19 relief bill.
Earlier this month, the Department of Labor’s Occupational Safety and Health Administration (OSHA) supplemented its prior COVID-19 guidance with an additional FAQ. While OSHA has not yet published a regulation that would mandate workplace protections, this FAQ serves as a good resource for businesses to learn about how to best protect employees and customers.
According to the Certified Collateral Corporation (CCC), repairable vehicle appraisals are down 25.7% of June 2019 numbers. While these numbers show a positive increase from May’s numbers, it is unknown as to whether the spike in COVID-19 cases in July will cause Americans to once again reduce the amount of vehicle traffic.
Last week, ARA participated in the Suppliers Partnership for the Environment 3rd Quarter Meeting. Suppliers Partnership is a forum for those involved in the automotive value chain to collaborate on cutting edge industry issues such as sustainability and electric vehicle batteries.