The Special Inspector General is tasked with conducting, supervising, and coordinating audits and investigations of the making, purchase, management, and sale of loans, loan guarantees, and other investments made by the Treasury Secretary. And before he even said hello, he said, “We need ventilators.”  I said, “Wow. It was a great honor, Mitch, to work with you and everyone on a bipartisan basis to get this done. And I agree with the bipartisanship. [2] Note that Treasury and the IRS have similar authority to extend deadlines up to a year, provided by Code section 7508A, but they have interpreted their authority to include emergency declarations. Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Pub. (Laughter.) The Special Inspector General must file quarterly reports with Congress that provide the details of all loans, loan guarantees, and other investments. Jason Abel leads Steptoe's political law and campaign finance practice and advises clients on a range of government affairs issues, including legislative strategy and process. And yesterday, it was great. With the exception of partnerships, and solely for taxable years beginning in 2019 and 2020, taxpayers may deduct business interest expense up to 50% of their adjusted taxable income (ATI), an increase from 30% of ATI under the TCJA, unless an election is made to use the lower limitation for any taxable year. Boards’ High Stakes Balancing Act: Navigating Through Crisis. You called on the Congress to step forward to make coronavirus testing free for every American, to make paid family leave available. Does not apply to non-hub airports or non-primary airports. As with the aforementioned above-the-line deduction, contributions to non-operating private foundations or donor advised funds are not eligible. Enacted — Signed by the President, on this bill on a six-point scale from strongly oppose to strongly support. Please. One percent for loans $2 million and above; Prohibits agents helping applicants apply for loans under the program from receiving a fee in excess of limits established by the Administrator; From February 15, 2020 until June 30, 2020, increases authorized commitments for SBA Business Loans, including those under this new program, to $349 billion (and takes those commitments out of the usual Business Loan Program Account); and. I’m from Ohio. So we’ve made sure that we can reassure Americans that their paycheck is protected and that their earnings are protected. Unlike the direct loans described above, mid-size business loans under this program would come from private lenders. The FDIC may establish a program to guarantee obligations of solvent insured depository institutions or solvent depository institution holding companies; and. Gene? Any benefit that is driven off the definition of “employee” raises the issue of partner versus employee. The CARES Act would deem all states and their subdivisions to have sufficient economic damage to small business concerns to qualify for assistance under this loan program (rather than the current state declaration and certification approach). This is not a comprehensive list of all the new appropriated money, but a selection of those various grant, loan, or contract opportunities for those in the private sector to help deal with the consequences of COVID-19. $4 billion will be made available through Homeless Assistance Grant under the Emergency Solutions Grants program. A new rule for rehired employees under which “eligible employee” (defined as employed for at least the last 30 calendar days) includes someone who: Was laid off by the employer March 1, 2020 or later, Had worked for the employer for at least 30 days in the last 60 calendar days prior to the lay-off; and. But you’re going to work on that very hard. And I’ll just say this, Mr. President: A few months ago, this economy was roaring and we’ve hit this — literally, this bug, this virus. EDA assistance can be used to help rebuild impacted industries such as tourism or manufacturing supply chains, and provide low-interest loans to businesses of all sizes, and support other locally-identified priorities for economic recovery. These reimbursements are made under the emergency declarations currently in place for all 50 states, as well as the major disaster declaration in place for New York, for eligible categories of activities, including emergency protective measures such as medical response, personal protective equipment, and other types of personnel and procurement costs. We had the greatest economy in the history of our country. Also, emergency advances received under the expanded SBA Disaster Loan Program discussed below will be excluded from forgiveness amounts. In addition to the in vitro diagnostic testing approved, authorized, or cleared by the FDA, it also covers in vitro diagnostic testing for which the developer has requested, or intends to request, emergency use authorization from the FDA or that a state (which has told HHS it is reviewing such test) has authorized. The CARES Act prevents landlords from bringing legal causes of action to recover possession from tenant for nonpayment or rent or other fees or charges for 120 days if the dwelling is a property insured, guaranteed, supplemented, protected, or assisted in any way by the US Department of Housing and Urban Development (HUD), Fannie Mae, Freddie Mac, the rural housing voucher program, or the Violence Against Women Act of 1994. The CARES Act provides that a borrower with a federally-backed mortgage loan may request forbearance, regardless of delinquency status and without penalties, fees, or interest, by submitting a request to the borrower’s servicer and affirming financial hardship due to COVID-19. $100 million will be for assistance to Firefighter Grants to provide personal protective equipment, supplies, and reimbursements. Now what? I’d love to shake your hand, but Anthony would get angry at me if I did that. You’ve cast your vote. $300 billion in direct cash payments will be available to every American citizen earning less than $99,000 per year; $3,400 for a typical family of four. Right, Kevin? Health Resources and Services Administration. In addition, the amended CARES Act waives the 10% additional tax for premature distributions related to the coronavirus for amounts not to exceed $100,000 from all plans of the controlled group, subject to the following rules: The distribution provision applies to individuals who have been diagnosed with SARS-CoV-2 or COVID-19 by a test approved by the Centers for Disease Control (CDC), their spouse or dependent who has been diagnosed by such a test, or a person who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, or suffered reduced working hours, or who is unable to work due to lack of child care. I’m the ranking member of the House Small Business Committee. For the period from February 15, 2020 to June 30, 2020 (covered period), the law allows the Small Business Administration (Administration) to provide 100% federally-backed loans up to a maximum amount to eligible businesses to help pay operational costs like payroll, rent, health benefits, insurance premiums, utilities, etc.