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House Passes Paycheck Protection Program Flexibility Act
House Committees Schedule Markups on Key Automotive Legislation Today, the U.S. House of Representatives passed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020, 417 – 1. The bipartisan bill was introduced by Congressman Chip Roy (R-TX) and Congressman Dean Phillips (D-MN). The Paycheck Protection Program (PPP), first established in the Coronavirus Aid, Relief,…
Read MoreTrump Administration Sued Over Auto Emissions Rollback Rule
House Committees Schedule Markups on Key Automotive Legislation Today, California and 22 other states and jurisdictions sued the Trump Administration over the U.S. Environmental Protection Agency (EPA) and the National Highway Safety Traffic Administration (NHTSA) final rule, The Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule for Model Years 2021-2026 Passenger Cars and Light Trucks. Per California Attorney…
Read MoreSBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
House Committees Schedule Markups on Key Automotive Legislation Per the U.S. Small Business Administration: The Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their…
Read MoreAdditional Guidance on the PPP Loan Forgiveness Program
House Committees Schedule Markups on Key Automotive Legislation The U.S. Small Business Administration in conjunction with the U.S. Department of Treasury released new guidance regarding the Paycheck Protection Program (PPP). The interim rules can be found here: Interim Final Rule on Loan Forgiveness (Released May 22, 2020) Interim Final Rule on Loan Review Procedures and Related…
Read MoreU.S. House Considers PPP Reform Stand-alone Bill
House Committees Schedule Markups on Key Automotive Legislation Congressman Chip Roy (R-TX), along with Congressman Dean Phillips (D-MN), Congressman Tom Emmer (R-MN), and Congressman Fred Upton (R-MI) introduced H.R. 6886, the Paycheck Protection Flexibility Act. The bipartisan bill will make necessary changes to the Paycheck Protection Program (PPP) as business owners nationwide have expressed concerns…
Read MoreU.S. House May Consider PPP Reform Stand-alone Bill
House Committees Schedule Markups on Key Automotive Legislation Congressman Dean Phillips (D-MN) and Congressman Chip Roy (R-TX) introduced H.R. 6886, the Paycheck Protection Flexibility Act. The bipartisan bill will make necessary changes to the Paycheck Protection Program (PPP) as business owners nationwide have expressed concerns with the program. The legislation will: Allow forgiveness for expenses…
Read MoreDOL Announces Final Rule to Expand Access to Bonuses for Workers
House Committees Schedule Markups on Key Automotive Legislation The U.S. Department of Labor (DOL) held a background briefing regarding a final rule that allows employers to offer bonuses or other incentive-based pay to employees whose hours vary from week to week. Per the DOL, the final rule clarifies that payments in addition to the fixed…
Read MoreU.S. Senate Committee Holds Remote Hearing on CARES Act
House Committees Schedule Markups on Key Automotive Legislation U.S. Senate Committee on Banking, Housing, and Urban Affairs convened a remote hearing today entitled “The Quarterly CARES Act Report to Congress.” In his opening statement U.S. Department of Treasury Secretary Steven Mnuchin stated that the Department has “worked closely with the[U.S.] Small Business Administration [SBA]…
Read MoreDepartment of Treasury and SBA Release Loan Forgiveness Application
House Committees Schedule Markups on Key Automotive Legislation The U.S. Small Business Administration is working in conjunction with the U.S. Department of Treasury on the implementation of the Paycheck Protection Program (PPP). The PPP was established under H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, in response to the ongoing COVID-19 pandemic.…
Read MoreSBA PPP Repayment Deadline May 18
House Committees Schedule Markups on Key Automotive Legislation In a interim rule, the U.S. Small Business Administration (SBA) provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity of the loan…
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