ABC continues to advocate for additional funds for the Paycheck Protection Program, as the loan program is set to expend the original $349 billion appropriation by week’s end and Congress remains divided on an interim bill.
ABC Action Alert:
With critical funding needed to continue the Paycheck Protection Program, ABC urges members to contact their U.S. lawmakers in support of a clean funding bill to extend an additional $251 billion to PPP. Please click here to take action and urge Congress to support additional small businesses relief.
Update on PPP:
Earlier today, the U.S. Treasury released guidance on how lenders can process 1099/independent contractors/gig economy workers for PPP loans.
As of this morning, approximately 1.01 million loans have been approved under the PPP by more than 4,000 lenders, totaling $242 billion. However, there is little progress being made on an agreement to provide additional funds to the program before money runs out at some point this week.
The Senate and the House, outside of an emergency need, are not scheduled to be back in DC until May 4th. Complicating issues more, Kentucky Rep. Thomas Massie, who forced members back into town to pass the CARES Act, has again pledged to call for a floor vote and force members back to town if another package is agreed on by Congressional leadership. Members would have to be given 24 hours’ notice before having to return to town as well.
Associations and organizations representing small businesses, including ABC, are also advocating for further expansion of the PPP program to include 501(c)(6) non-profits, expand past the 8-week payroll coverage, and further assist small businesses.
State and Local Updates:
Tennessee Governor Bill Lee has extended the state’s “Stay at Home” order through April 30, a two week plus extension over the original April 14th timeline established by the state. All other state laws, rules and provisions related to the original order are also extended, according to the governor’s executive order. Other metropolitan areas in the state had existing orders that already extended beyond the state’s April 14th date, including “Safer at Home” directives in Nashville through April 24 and Memphis through April 21. Contractors working in Tennessee can find more information on essential businesses and services that may continue to operate under the executive order here.
Mid-Atlantic and West Coast states are also now exploring multi-state efforts to respond to COVID-related developments, and further state cooperation is expected in coming weeks.
ABC continues to update this resource tracking state and local COVID-19 policies impacting the construction industry. If a new or amended state or local policy is issued in your chapter territory, please alert Brandon, Nick and/or Ben on our State Affairs team at [email protected].
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