SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less
Late last week - the SBA, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.
“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” said Secretary Steven T. Mnuchin. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly,” he continued. “We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process.”
“Nothing will stop the Trump Administration from supporting great American businesses and our great American workers. The Paycheck Protection Program has been an overwhelming success and served as a historic lifeline to America’s hurting small businesses and tens of millions of workers. The new form introduced today demonstrates our relentless commitment to using every tool in our toolbelt to help small businesses and the banks that have participated in this program,” said Administrator Jovita Carranza. “We are continuing to ensure that small businesses are supported as they recover.”
SBA and Treasury have also eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly.
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
Click here to view the simpler loan forgiveness application.
Click here to view the instructions for completing the simpler loan forgiveness application.
Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
Judge Amy Coney Barrett SCOTUS Hearings Begin:
Today, the Senate Judiciary Committee kicked off a four-day hearing agenda on the nomination of Judge Amy Coney Barrett to be an Associate Justice of the United States Supreme Court. The in personal and virtual hybrid style hearings can be viewed via the Senate Judiciary Committee website, as well as C-SPAN and other major news outlets.
The hearing today focused on opening statements for the committee, and the rest of the week will follow the general past template of four days of committee action- beginning at 9 a.m. each day. The full schedule can be accessed here:
- Monday, October 12, 9 am: Opening Statements -- Judge Barrett and Senators
- Tuesday, October 13, 9 am: Senators Q/A with Judge Barrett
- Wednesday, October 14, 9 am: Senators Q/A with Judge Barrett
- Thursday, October 15, 9 am: Testimony and Q/A with outside witnesses
The hearings come 22 days before the election, with Senate Republicans intent on confirming Judge Barrett to the court before the election. Not surprisingly - the partisan battle lines have been clearly drawn. In opening speeches, Republican senators praised Barrett's judicial qualifications in glowing terms and emphasized her capability while Democrats warned that health care protections and the Affordable Care Act are at stake if the confirmation succeeds.
DOL Establishes Hotline Related to Executive Order on Combating Race and Sex Stereotyping
The U.S. Department of Labor’s Office of Federal Contract Compliance Programs issued a press release stating it has launched a hotline and email address to receive and investigate complaints under existing Executive Order 11246 as well as Executive Order 13950, Combating Race and Sex Stereotyping, issued by President Trump.
The new OFCCP Complaint Hotline to Combat Race and Sex Stereotyping can be reached at 202-343-2008 or via email at OFCCPComplaintHotline@dol.gov.
The order, published on Sept. 22, states, “It shall be the policy of the United States not to promote race or sex stereotyping or scapegoating in the federal workforce or in the uniformed services, and not to allow grant funds to be used for these purposes. In addition, federal contractors will not be permitted to inculcate such views in their employees.”
The order enables employees to file complaints alleging that a federal contractor “is utilizing training programs in violation of the contractor’s obligations under those orders.” Learn more in the DOL press release.
ABC Announces Dec. 3 Virtual Conference – Election 2020 and the Merit Shop: ABC’s Legal and Policy Forecast Conference
ABC members and chapter staff and attorneys are invited to participate in Election 2020 and the Merit Shop: ABC’s Legal and Policy Forecast Conference, a virtual event packed with analysis and insights on the elections and their impact on legislative, regulatory and legal issues important to the merit shop contracting community.
The conference, which will take place on Thursday, Dec. 3, from 12:45 – 5:30 p.m. EST, is filled with six content-rich sessions on how the elections will shape the future of labor and employment, workforce development, workplace safety and other issues affecting the construction industry.
Join ABC leaders and industry legal and policy experts for a virtual conference as they share insights and analysis on the 2020 election results and their impact on various legislative, regulatory and legal issues, and learn how you can prepare your business for forthcoming challenges and opportunities.
This is a must-attend virtual conference for ABC members, including merit shop labor attorneys and construction contractors, and ABC chapter presidents, government affairs directors and attorneys.
The conference agenda can be found on the ABC website. You can register for the event here.
TOMORROW - ABC PAC Virtual Meet & Greet with House Candidates Scott Fitzgerald (R-WI-05) and Ashley Hinson (R-IA-01)
On Tuesday, October 13th, ABC PAC is hosting a virtual meet and greet event featuring State Sen. Scott Fitzgerald (R-WI-05) and State Rep. Ashely Hinson (R-IA-01) from 2:00 p.m. – 2:30 p.m. Central/3:00 p.m. – 3:30 p.m. Eastern.
This meet and greet provides an opportunity to hear an update from state elected officials on two high profile U.S. House races. Federal law requires members to sign a prior authorization form for the executive or administrative personnel of the member corporation to be solicited by ABC PAC. ABC members can complete the required prior authorization form through the Prior Authorization Portal.
Any members interested in the meet and greet will need to fill out the prior authorization form before attending the event. Please do not hesitate to reach out to ABC PAC at firstname.lastname@example.org with any questions.
WEDNESDAY - Latest Updates on DOL's COVID-19 Paid Leave and Other Hot Topics Webinar
Date: Wednesday, Oct. 14
Time: 1 p.m. EDT
Speaker: Maury Baskin, Littler Mendelson P.C.
On Aug. 3, an Obama-appointed federal judge in New York nullified key sections of the U.S. Department of Labor’s rules governing paid leave under the Families First Coronavirus Response Act. Following the court decision, on Sept. 11, the DOL revised its guidance that restricted paid leave during layoffs and furloughs, required employer consent to paid intermittent leave and required employees to provide documentation before taking leave. ABC General Counsel Maury Baskin will discuss how the revised FFCRA guidance impacts construction contractors and chapters.
Nov. 4 Free Webinar on Silica Compliance
The U.S. Department of Labor’s Occupational Safety and Health Administration and the American Society of Safety Professionals are offering a free webinar on silica compliance.
Description: In 2020, OSHA launched a national emphasis program focusing on silica compliance. The goal is to identify and reduce or eliminate worker exposures to respirable crystalline silica in general industry, maritime and construction. OSHA’s 2016 crystalline silica rule is now in full effect, and enforcement patterns and guidance are available for organizations in the construction and general industry sectors.
The webinar is scheduled for November 4, 2020 at 12:00 PM (Central) and will include speakers from OSHA, ASSP and CPWR. More information on the webinar and registration is available here.
Learn more about OSHA's Respirable Crystalline Silica standard for construction here.