Paycheck Protection Program (PPP) and COVID-19 Relief:
Yesterday, the Small Business Administration (SBA) posted revised PPP loan forgiveness applications, which implement the revisions from the PPP Flexibility Act of 2020. In addition to revising the full forgiveness application, the SBA also published a new EZ version of the forgiveness application. The EZ version of the forgiveness application can be used by 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%.
There are still funds available in the Paycheck Protection Program (PPP). If you have not already applied for a PPP loan, APPLY IMMEDIATELY! There seems to be ambiguity within SBA guidance that seems to indicate that a borrower needs to both apply and receive a PPP loan by June 30, 2020, not just apply by June 30, 2020. It is not worth waiting to apply at the last moment. To find an eligible lender click here. Remember, if you are applying for a PPP loan, you will be more likely to receive funds if you apply with a regional or local bank.
Last week, Senators Richard Blumenthal (D-CT) and Edward Markey (D-MA) sent a letter to the National Highway Traffic Safety Administration (NHTSA) panning the agency for “neglecting to oversee and keep the public informed” of vulnerabilities in internet-connected cars. Last August, Senators Blumenthal and Markey asked NHTSA for information about its work on vehicle cybersecurity. NHTSA responded by stating that they were “not aware of any malicious hacking attempts that have created safety concerns for the motoring public.” NHTSA made this statement despite there being ample evidence that hackers have the capability to take control of connected vehicles.
White House Trade Advisor Peter Navarro said President Trump wants the next COVID-19 stimulus package to contain at least $2 trillion. This figure is smaller than the $3 trillion wanted by Democrats in the HEROES Act and the $1 trillion ceiling Senate Majority Leader Mitch McConnell had set.