Congress Passes Bill Providing Paycheck Protection Program Flexibility

FromTheDomeThe US House and Senate have passed the Paycheck Protection Program Flexibility Act. This bill grants more time for PPP loan recipients to spend the funds and reduces the amount of funds that must be spent on payroll and still qualify for forgiveness of the loans. President Trump is expected to sign the bill. Continue reading “Congress Passes Bill Providing Paycheck Protection Program Flexibility”

U.S. Senate Passes Bill Providing Additional Funds for Small Business

FromTheDomeThe U.S. Senate today passed an additional stimulus bill that will provide $480 billion to COVID-19 related programs, including an additional $310 billion for the Paycheck Protection Program. The U.S. House is expected to consider the bill tomorrow and President Trump has indicated he will sign.
The bill also includes:
  • $60 billion for smaller lending facilities, including minority depository institutions, certified development companies and credit unions;
  • $10 billion for grants under the SBA’s Emergency Economic Injury Disaster Loan program;
  • $50 billion for SBA disaster recovery loans;
  • $2.1 billion for additional salaries and expenses for the Small Business Administration;
  • $75 billion for hospitals and health care providers to support for Covid-19 expenses and lost revenue from canceled elective surgeries and other procedures;
  • $25 billion for research to develop, validate, manufacture, purchase and administer Covid-19 tests, including $11 billion for states to expand lab capacity.

UPDATED: Paycheck Protection Program

FromTheDomeOn March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This bill will provides significant support to businesses. The signature piece of the new law is the “Paycheck Protection Program” which will provide $350 billion to help small businesses keep workers employed amid COVID-19 and economic downturn. This new program provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.  Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

UPDATED: Businesses will be able to apply for these forgivable loans starting April 3rd through most all local banks. The U.S. Treasury Department has issued preliminary guidance that you can view HEREYou can view the fully Treasury website on the program here.

In addition, our friends at the U.S. Chamber of Commerce have prepared an easy-to-understand checklist to guide businesses and self-employed individuals through this new program as they prepare to file for a loan.

UPDATED: Stimulus 3.0 – Federal CARES Act: Key Provisions Impacting Employers

FromTheDomeOn March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is the third bill passed by Congress in response to COVID-19. This bill provides significant resources to businesses and individuals alike to weather this crisis. Greater Mankato Growth has compiled a summary of the key provisions in the bill impacting businesses – of which there are many. This may be overwhelming, but know that more resources will be coming soon to assist you as the law is implemented and Greater Mankato Growth will be there every step of the way to ensure you are kept informed with timely and accurate information.

You can also view excellent summaries done by the US Chamber of Commerce and US Senate Committee on Small Business & EntrepreneurshipContinue reading “UPDATED: Stimulus 3.0 – Federal CARES Act: Key Provisions Impacting Employers”

UPDATED: Families First Coronavirus Response Act – Key Provisions Impacting Employers

FromTheDomeUPDATED: The US Senate has passed an amended version of the Families First Coronavirus Response Act (HR 6201) with a bipartisan vote thus sending it to President Trump for his signature, who has indicated he will sign. Below is an update to the paid leave provisions contained in the final bill, which changed significantly from the bill originally passed by the House. 

The legislation guarantees free coronavirus testing, enhances Unemployment Insurance, strengthens food security initiatives, and increases federal Medicaid funding to states. In addition, the legislation creates two new paid leave programs that every business under 500 employees and all government employers must implement for their employees 15 days after enactment. Below is a HR 6201 Summary of those new programs. Please don’t hesitate to contact Patrick Baker (pbaker@greatermankato.com) with any questions.

Our friends at Blethen | Berens have also created a summary of the new law you can access here.

Continue reading “UPDATED: Families First Coronavirus Response Act – Key Provisions Impacting Employers”

Breakfast With Congressman Tim Walz

Walz headshotJoin Greater Mankato Growth and your fellow colleagues for the August Public Affairs Forum Breakfast with Representative Tim Walz.

Monday, August 21
7:30 – 9:00 am
Verizon Hall, Room 245 (new event center)

Register Here Continue reading “Breakfast With Congressman Tim Walz”

Health Care Forum

Forum-Series-Logo_SMJoin Greater Mankato Growth and your fellow colleagues for our July Public Affairs Forum Luncheon Health Care: What’s Going On And What It All Means.

Tuesday, July 18
11:30 am – 1:00 pm
Mankato Clinic Administration Office
1400 Madison Avenue, Suite 324B

Register here

Hit ‘read more’ for additional information Continue reading “Health Care Forum”

Congress Experiences Christmas Miracle: Passes Major Legislation to End the Year

U.S. Capitol Building, Washington D.C.
U.S. Capitol Building, Washington D.C.

Congress is ending 2015 by passing a flurry of legislation that will have substantial impacts on businesses and individuals alike. Included is the first long-term transportation bill in a decade, a major education reform bill, a tax bill that extends numerous tax breaks, and a spending bill that will fund the government over the next year. Here are key highlights: Continue reading “Congress Experiences Christmas Miracle: Passes Major Legislation to End the Year”