On Tuesday May 5th, 2020, Senate Minority Leader Chuck Schumer (D-NY) and Ranking Member of the Senate Committee on Small Business and Entrepreneurship, Ben Cardin (D-MD) are slated to push legislation that provides new transparency and oversight of the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), and debt relief programs. The bill will require public reporting on how a key small business aid program is being dispersed.
Amid the Senate’s return to business, House Democrats are expected to release their version of a fourth economic relief package by the end of the week. Among others, the bill is set to include state and local government aid, mail in voting, and additional funding for safety net programs.
On the small business front, the Small Business Administration (SBA) released additional guidance allowing PPP loan participants to exclude laid-off employees from loan forgiveness reduction calculations if the employees turn down a written offer to be rehired, and also warned that employees who reject offers of reemployment may find themselves ineligible to continue receiving unemployment benefits. To view the updated SBA FAQ, click here.
To conclude, Bloomberg Gov has released a report outlining the Spring Legislative process, post COVID-19. Bloomberg Government’s Spring 2020 Hill Watch offers comprehensive coverage all the issues and legislation on lawmakers’ agenda in the next several months. To view PDF click here.
House: Not in Session
Senate: In Session
House Committee on Appropriations
- Tomorrow 10 A.M. Hearing on COVID-19 Response – Watch here
Bills of Interests
Senator Mike Braun (R-IN) introduced S. 3596 a bill to make technical corrections to the CARES Act to remove all tax liability associated with loan forgiveness under the Paycheck Protection Program.
At the Agencies
U.S. Department of Labor
- The Department of Labor’s (Department) Employment and Training Administration (ETA) requests State Workforce Administrators to provide the information contained in this UIPL to appropriate program and other staff in state workforce systems to assist in the implementation of the unemployment insurance (UI)-related provisions that respond to the economic effects of the Coronavirus Disease 2019 (COVID-19).