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June 3, 2020
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ASA Washington Weekly — 06/01/2020

This Week: The Senate and House are both in pro forma (technically in) session. The current House calendar only shows one voting day in the month of June. As America begins to emerge from COVID-19 lockdown, demonstrations swept the country over the weekend. As a result, a flurry of legislation is expected to be introduced, especially in the House, in response to the latest crisis. In addition, eight states will be holding primaries on Tuesday, June 2. Four of the states holding primaries tomorrow had switched them from April or May, due to coronavirus restrictions. There will be key elections, especially for Congress, in Indiana, Iowa, Montana, New Mexico and Pennsylvania. These primaries will be among the first to show how switching the primary dates, due to the pandemic, affects voter turnout. Paycheck Protection Program: ASA will continue to advocate for the Paycheck Protection Program Flexibility Act. This bi-partisan legislation introduced by Reps. Chip Roy (R-TX) and Dean Phillips (D-MN) passed the House last week, 417-1. The bill, as written, will: 1.) Allow forgiveness beyond the 8-week covered period, 2.) Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds, 3.) Eliminate restrictions that limit loan terms to 2 years, 4.) Ensure full access to payroll tax deferment for businesses that take PPP loans, and 5.) Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance. Last Friday, the Small Business Administration (SBA), reiterated that forgiveness and use rules would not be changed. Thus, it will take Congressional action to make changes to the PPP program. The Senate is expected to take the bill up this week and ASA will have an Action Item on this shortly. For updated PPP FAQs (as of 05/27/2020), please click here. If your business has not yet applied, the links below will direct you to the PPP website, as well as the application form: Paycheck Protection Program Application Form SBA’s Paycheck Protection Program Overview Main Street Lending Program: On Friday, Federal Reserve Chair Jerome Powell said that his team is looking at expanding the program, which should be days away from starting. This $600 billion program will provide four year loans, at a minimum of $1 million-$25 million in principal, to businesses with 15,000 or fewer employees and $5 billion or less in 2019 revenues. The federal government would buy 95% of the loan, with the issuing bank retaining the 5% balance. Like the PPP, the federal government is having banks operate this program. Unlike the PPP, no portion of the loan is forgivable. However, any payments can be deferred for one year. More information (as of 05/27/2020) on the Main Street Lending Program can be found here: Main Street Lending Program ASA Legislative Action: ASA continues to support the passage of the Paycheck Protection Program Flexibility act. From the U.S. Department of Transportation: The U.S. Department of Transportation’s Federal Motor Carrier Safety Administration (FMCSA) published a final rule updating hours of service (HOS) rules to increase safety on America’s roadways by updating existing regulations for commercial motor vehicle (CMV) drivers. First adopted in 1937, FMCSA’s hours of service rules specify the permitted operating hours of commercial drivers. In 2018, FMCSA authored an Advanced Notice of Proposed Rulemaking (ANPRM) to receive public comment on portions of the HOS rules to alleviate unnecessary burdens placed on drivers while maintaining safety on our nation’s hiMore

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