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House Passes New $2.2 Trillion Relief Bill; Attempts to Pressure the Senate to Take Action

Without enough movement toward a bipartisan deal, the House late Thursday passed a $2.2 trillion package Democrats introduced on Monday — a scaled-back version of the HEROES Act. The bill passed 214-207.

Here are a few highlights of their bill:
 - The bill allows for 2nd loans, but it does not include the streamlined forgiveness language.  It includes a multi-tiered forgiveness process that relies on SBA certification of how the funds were spent.
 - Creates a set aside of 25%, up to $15 billion, of remaining funding for distribution by community lenders, specifically CDFIs, CDCs, MDIs, and microloan intermediaries.
 - Expands the list of allowable use of proceeds and forgiveness to allow PPE, supplier costs, and cost related to property damage from public disturbances to be eligible costs.
 - Streamlined documentation for sole proprietors and the self-employed.
 - $8 billion to provide payment and interest relief to all physical loan and pre-COVID EIDL borrowers.
 - Establishes a state and local grant program in the Department of Treasury and administered through the SBA which would provide $15 Billion in funding to states and local governments to provide grants to small businesses through a network of community-based partners.

Several moderate Democrats reached out to Pelosi to urge her to not take a vote on the $2.2. trillion package and instead take the most-recent deal from the White House which was about $1.6 trillion in aid. The Senate does not have plans to take up the bill. For the Senate’s last in Washington before the elections, Senate Majority Leader McConnell (R-Ky.) is dedicating the week to seating federal judges as the they gear up for a fight over President Trump's Supreme Court nominee. Obviously, if anything changes, we will let you know.

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Courtesy of NASE.org
https://www.nase.org/about-us/media-relations/News/nase-in-the-news/2020/10/08/house-passes-new-$2.2-trillion-relief-bill-attempts-to-pressure-the-senate-to-take-action