MAY 26 RECYCLERS UPDATE

Congress:
Right before the Memorial Day Congressional recess, a bipartisan group of Senators released a bill that would modify the Paycheck Protection Program’s (PPP) forgiveness requirements. The piece of legislation would give businesses 16 weeks to spend PPP funds (instead of the current requirement of eight weeks) while remaining eligible for forgiveness. The bill would also allow PPP borrowers to use loan proceeds to purchase protective equipment and fixtures to protect their workers and employees from COVID-19. However, the House is still considering their own measure that would extend the time borrowers could use PPP funds while still remaining eligible for forgiveness at 24 weeks.
 
Automotive:
Last Friday, car rental company Hertz filed for bankruptcy. In April, global revenue for the company dropped 73 percent from the same month last year. Industry experts worry that the company may flood the used car market with its 570,000-vehicle fleet, which would lower used car values across the board.  
 
General Motors is delaying the start of a second production shift at two pickup truck plants. The reason for the delay is that suppliers in Mexico need more time to meet the demand of the U.S. automaker.

The Alliance for Automotive Innovation has come out and supported federal greenhouse gas emission regulations for the model years of 2021-2026. In a recent court filing, the Alliance stated that they preferred the current regulations that call for a steady increase in emission standards during the 2021-2026 period.

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