I hope you’re having a good week so far. Checking in with a few updates.
First off, there is important news for current and potential Paycheck Protection Program borrowers. Congress passed, and the President signed the PPP Flexibility Act, which allows borrowers 24 weeks to use their loan proceeds, rather than just eight under the original CARES Act language, and allows greater flexibility in how businesses can allocate spending between payroll and nonpayroll costs. The CARES Act required 75% of loans to be used on payroll expenses, while the new law lessens that threshold to 60%. As more implementation guidance becomes available, I will keep you updated.
House Democrats also unveiled the INVEST in America Act, a nearly $500 billion surface transportation infrastructure package. This legislation includes specific successes for composites as a result of ACMA’s advocacy, including increased federal cost-share for states that use innovative materials, as well as a doubling of technology deployment program dollars. Republicans are skeptical of the legislation however, citing lack of involvement in the process despite highway bills being traditionally bipartisan products. Regardless, highway and other key infrastructure programs are set to expire this year, which, coupled with bipartisan calls for infrastructure investment, provides promise that Congress can achieve a significant deal. ACMA will stay engaged to advance all of our industry priorities in any final negotiated package. Let me know if you would like any further details about our priorities in infrastructure.
Finally, I’m passing along this useful slide deck developed by the Washington State Department of Labor & Industries for training employees on COVID-19 infection prevention. It’s equally helpful in the other 49 states, too!
Director, Government Affairs
Latest Industry Resources:
- Employee Training Slide Deck
- CDC Workplace tools
- Main Street Lending Program Forms and FAQ
- IRS FAQ on NOLs
- SBA/Treasury PPP Loan Forgiveness Rule
- SBA PPP Loan Review Rule
- PPP Loan Forgiveness Application