On Friday evening, House Democrats passed their fifth COVID-19 relief bill, which totaled $3 trillion in federal spending. Both the Senate and White House have expressed disapproval for the House’s proposal and the Senate is not expected to take up the legislation until June. While the Senate is taking a wait-and-see approach with regards to a new COVID-19 relief bill, the Senate could introduce a proposal on business liability protection as soon as this week.
As of today, most states are in the process of reopening with only five states and the District of Columbia still being under stay-at-home orders. For more details see the New York Times State Reopening Map.
COVID-19 Relief Programs:
On May 15th, the Small Business Administration released the application borrowers of a Paycheck Protection Program (PPP) loan must use to determine the amount of the loan that may be forgiven by their lender. The application in its current form has four components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) an (optional) PPP Borrower Demographic Information Form. Borrowers are required to submit items (1) and (2) to their lender. While it is worth noting that businesses should be ready to comply with the loan forgiveness application as it is currently written, there is a very real possibility that Congress will make sweeping changes to the PPP that will change compliance requirements.
National Automobile Dealers Association President and CEO Peter Welch will retire at the end of the year.
FOR MORE IMPORTANT INFORMATION, VISIT ARA's COVID-19 DASHBOARD