SBA Reopens EIDL Program

In other equally important SBA news, the agency this week also announced the reopening of the Economic Injury Disaster Loan (EIDL) program to all small businesses. The popular program, to which Congress had appropriated an additional $50 billion and expanded EIDL eligibility through the CARES Act earlier this year, was quickly overwhelmed and shut down…

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Federal Reserve Finally Launches Main Street Lending

At long last, the Federal Reserve has officially opened its Main Street Lending Program this week, inviting lender to register for the program so they can begin loaning immediately. The program, which has been in the works and on the drawing board since early April, not long after the coronavirus pandemic caused the economic shutdown…

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DC Circuit Court Tosses Labor’s Suit over COVID-19

A three judge panel of the US Circuit Court of Appeals for the District of Columbia yesterday threw out a lawsuit brought by the AFL-CIO seeking to mandate that employers be required to protect employees from the COVID-19 pandemic. The labor federation had filed legal action last month trying to force the Occupational Safety and…

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Senate Dems May Propose Another PPP Round

While the republican-controlled US Senate refuses to consider the $3 trillion Heroes Act passed two weeks ago by the democrat-controlled US House, a number of democratic Senators have begun talking about yet another round of PPP loans. Democratic members of the Senate Small Business Committee pointed to state economic shutdowns lasting longer than most had…

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Mnuchin Signals Another COVID Relief Bill?

In testimony before the Senate Small Business Committee this week, Treasury Secretary Steven Mnuchin signaled that the administration would be open to yet another stimulus bill to address economic issues resulting from the COVID-19 crisis and he previewed their priorities for any such legislation. Specifically, the Secretary acknowledged a rocky start for the Paycheck Protection…

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Independent Restaurants Want Exclusive Grants

Another effort is underway to provide more targeted relief for the restaurant industry – or at least relief to a very small part of it!  Representative Earl Blumenauer, a democratic Congressman from Oregon and member of the House Ways and Means Committee is working with senior Mississippi Senator Roger Wicker on securing bipartisan support to…

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Renewed Effort for Liability Shields

Prompted largely by a spike in the number of coronavirus lawsuits filed against businesses, efforts to create federal liability protections have been resurrected. As we’ve advised in past issues, Senate Majority Leader Mitch McConnell (R-KY) has called the creation of federal liability shields his “red line” for the next legislative aid package. Since May 1,…

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Outside COVID-19, More New Mandates

Although most businessmen and women during the past three months of the coronavirus pandemic have rightly focused on keeping their business operating or how to get their business back in operation when the shutdown ends, some in government have continued to focus their energies on what new dictates they can legislate on others. Washington DC…

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Congress Passes PPP Reforms

In a major victory for small businesses across the nation, and restaurants in particular, the U.S. Senate passed the Paycheck Protection Program Flexibility Act on Wednesday evening and sent it to the President, who signed it into law late yesterday. The legislation (H.R. 7010), which passed the House last week by an overwhelming vote of…

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Federal Reserve Readies Launch of Main Street Lending

Although it initially announced the program back in early April, the Fed is still preparing for an official launch of its Main Street Lending Program, through which it will purchase some $600 billion in loans from eligible lenders. The program funds come from the Coronavirus Aid and Economic Security Act (CARES Act), signed into law…

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