NASE Washington Watch - Get Small Business News and Small Business Legislation First October-08-2020

Washington Watch

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Washington Watch

Washington Watch - October 08, 2020

In this issue of Washington Watch, read about the House passing a new $2.2 Trillion Relief Bill, the Senate passing Rubio, Cardin Resolution Recognizing SBA’s National Small Business Week and more.

NASE Covid-19 Pandemic Resource Page

NASE continues to regularly update its Covid-19 Pandemic resource page to ensure our members have the most up-to-date information as it relates to the pandemic and the resources being afforded to the self-employed. Please bookmark the page.

Caregiving Resource from AARP

The COVID-19 pandemic highlighted the importance of caregiving in our society. Many of the organizations that provide support to caregivers, such as nursing homes and schools, will look different than before the pandemic. Employers large and small will need to think about how their employees will balance new caregiving responsibilities with work responsibilities.

To that end, AARP and Public Private Strategies partnered together to create the Small Business Caregiving Guide, a free online resource that helps small business owners create a caregiving-friendly workplace. Now more than ever, creating a caregiver-friendly workplace is critical to long-term business success.

We are proud to partner with AARP

Senate Passes Rubio, Cardin Resolution Recognizing SBA’s National Small Business Week

In the Senate this week, lawmakers unanimously passed a resolution from U.S. Senators Marco Rubio (R-FL) and Ben Cardin (D-MD), Chairman and Ranking Member of the Senate Committee on Small Business and Entrepreneurship, recognizing the week of September 20, 2020 as “National Small Business Week.” This is the 57th year in which the designation has been made. The U.S. Small Business Administration’s (SBA) National Small Business Week celebrates American entrepreneurship and awards small businesses who are making a positive impact on their communities and driving local economies. The Rubio-Cardin Resolution highlights the important impact small businesses have on our economy and honors their contributions.

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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NASE Washington Watch

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