Last Thursday, the House of Representatives voted on H.R. 7010, a bill that gives businesses 24 weeks in which to spend Paycheck Protection Program (PPP) funds -- a dramatic increase from the current requirement that businesses spend PPP funds within 8 weeks. The House passed the bill by a vote of 417-1. In prior weeks, Senate Majority Leader Mitch McConnell has expressed disinterest in working with Democrats on COVID-19 relief efforts. However, McConnell has said that the "Senate would soon vote on the House bill that would add flexibility to the PPP loan program. On Monday, McConnell stated that he hopes and anticipates the “Senate will soon take up and pass legislation that just passed the House… to further strengthen the Paycheck Protection Program so it continues working for small businesses that need our help.”
This week, the House of Representatives is set to release a surface transportation bill.
COVID-19 Relief Programs:
According to Federal Reserve Chairman Jerome Powell, the Main Street Lending Program is only days away from beginning to offer $600 billion in non-forgivable loans. The program is designed to offer further relief to small and medium businesses in the wake of COVID-19. Businesses with up to 15,000 employees can apply for loans from $500,000 to $100 million. While the Federal Reserve Chairman believes the program will help businesses struggling to stay afloat, some believe the program is too risky for small businesses due to onerous rules and requirements. In addition, some commentators believe the program appears to be designed to help large companies. For more information on the Main Street Lending Program click here.
Be careful of scams and fraud schemes associated with COVID-19 relief programs. For more information please visit the Small Business Administration’s website. Click here for more information on scams and fraud schemes related to COVID-19 relief programs.
On Monday, the Collision Industry Electronic Commerce Association (CIECA) announced that Paul Barry would be taking over as executive director. Barry previously served as PEMCO claims Vice President.
In April, U.K. automakers produced the fewest number of vehicles in any month since WWII. Automakers in the U.K. only produced 197 vehicles in April, which was a production decrease of 99.7 percent.