The GHJ team had an opportunity on April 13 to speak with a Washington insider about issues of interest to the firm’s clients. Below are the latest insights:
- PPP Forgiveness Guidance: The Small Business Administration (SBA) has until 30 days past the March 27, 2020 enactment of the CARES Act to provide guidance and rulemaking on all matters relating to the PPP. GHJ expects that it will continually be receiving updates.
- Additional $250 Billion in PPP Funding: These funds will be appropriated. It is a matter of working out what else is included in the package.
- Main Street Lending Program: Treasury and the Fed have set Thursday, April 16, as a comment deadline. It may be as early as Friday, April 17, when guidance will be made available.
- Other CARES Act Provisions: The GHJ team will have additional information on other programs that might be available to clients shortly.
- Healthcare providers and companies that are at the forefront of supporting the fight over COVID-19 can expect to get to the front of the line for assistance
- New Stimulus: There is committee work being done to begin the process in the House of Representatives. While there is no information early in the formative stages of this legislation, GHJ understands that it could be a very large package, more than people could be expecting. While GHJ heard that certain industries may have specific programs of interest and assistance, it is too early to be definitive. Industries mentioned are:
- Customer-facing retail
- Housing in the form of rental and mortgage assistance
The hot topic of affiliation, particularly as it impacts financial sponsors may also be addressed in this package. This legislation might be enacted into law by the end of May.
We encourage you to reach out to our COVID-19 Resource Team if you have any questions specific to your organization.