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July 10, 2020


COVID-19 Update: Washington This Week

U.S Jobless Claims Fall

Even with fewer Americans applying for unemployment benefits last week, the outlook for the labor market remains bleak. While initial jobless claims fell by the most in a month, according to Labor Department data this week, they are still double the highest level during the last recession. And further declines are in question after states delayed or rolled back reopening plans amid a surge in Covid-19 infections.

Consumer Confidence Slides
Consumer confidence in the U.S. has cooled for the first time in seven weeks, raising prospects of a tempering in the economic recovery as a pickup in infections prompts some states to reverse their re-openings.

COVID Treatment Regime Shows Promise
Gilead Sciences announced additional data on remdesivir to treat Covid-19, including a comparative analysis of the Phase 3 SIMPLE-Severe trial and a real-world retrospective cohort.  Findings from the comparative analysis also showed that 74.4% of remdesivir-treated patients recovered by Day 14 versus 59% of patients receiving standard of care.  The mortality rate for patients treated with remdesivir in the analysis was 7.6% at Day 14 compared with 12.5% among patients not taking remdesivir.

View This Week's Full Update Report

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


June 26, 2020


COVID-19 Update: Washington This Week

Rate of COVID-19 Infections Much Higher than Confirmed Cases
Centers for Disease Control and Prevention Director Robert Redfield said Thursday that nationwide serological testing, or testing for antibodies, shows that the rate of infection, including from asymptomatic cases, is much higher than the confirmed number of diagnosed illnesses.

Government Accountability Office (GAO) Issues Critical Report
The Trump administration's actions were evaluated in a critical GAO Report released this week on testing, protective equipment for medical personnel, and the Paycheck Protection Program created to respond to the pandemic and documents problems with receiving requested materials from agencies.

PPP Has $100 Billion in Unclaimed Funds
In April, when the U.S. Small Business Administration was approving about $25 billion in coronavirus loans a day, lawmakers and companies were concerned that $669 billion in relief would run dry, leaving countless mom-and-pop firms hanging.  As of one week ago, the PPP had more than $100 billion in funding left with only days remaining until the SBA stops taking new applications on June 30.
 

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


June 15, 2020


       

   

COVID-19 Update: Washington This Week

Additional Aid: Congress hasn’t yet reached any agreement on another round of stimulus as Democrats demand assistance for states whose budgets have been hit by declining revenue. After social distancing to curb the pandemic collapsed the U.S. economy in March, lawmakers approved as much as $6 trillion in stimulus to help it recover. More than 40 million people lost their jobs through March and April as the government sought to contain the outbreak.

Paycheck Protection Program (PPP) Guidance Released: With the passage of the Paycheck Protection Program Flexibility Act last week, U.S. Treasury Secretary Steven T. Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza issued some department guidance in enacting the newly passed law.

Aggressive Congressional Agenda Released: With a limited number of legislative days, social distancing, and a laundry list of “must-dos” between now and the general election, Congress released an aggressive schedule focusing on Appropriations, infrastructure, policing overhaul, a reauthorization of the Water Resources Development Act (WRDA), and National Defense Authorization Act (NDAA) this week.

Read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.

June 8, 2020


       

   

COVID-19 Update: Washington This Week

Additional Aid: As expected, Washington began discussing concepts for the next aid package this week. President Trump indicated that he will be asking for additional stimulus money and a payroll tax cut. He specifically noted that he is interested in some type of incentive for the entertainment and restaurant industries.

Vaccine Update: Anthony Fauci, the top U.S. infectious disease expert, says he is “cautiously optimistic” that at least one coronavirus vaccine candidate can get into phase 3 trial in July.

The Jobless Rate: America’s labor market unexpectedly rebounded in May, signaling that the economy is picking up faster than thought from the depths of the pandemic-induced slump.

Read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


May 28, 2020


       

   

COVID-19 Update: House Passes Changes to the Paycheck Protection Program

May 28, 2020

The House and Senate have been considering competing versions of legislative proposals to make adjustments to the Paycheck Protection Program. Earlier today, the House overwhelmingly passed the Paycheck Protection Program Flexibility Act (H.R.7010) by a vote of 417-1.

Some restaurants and other small businesses affected by coronavirus shutdown orders said they won’t be open or fully functional within eight weeks. They also said they need more flexibility to cover nonpayroll expenses such as rent and utility payments, especially while employees are laid off.
 
The legislation makes a number of significant changes to the Paycheck Protection Program (PPP) as enacted under the Coronavirus Aid, Relief and Economic Security (CARES) Act (P.L.116-136).

Read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


May 12, 2020


       

   COVID-19 ALERT
   House Releases Text of Phase 4 Bill - H.R. 6800 the Heroes Act

Today, the House introduced a legislative proposal – H.R. 6800, the Heroes Act -  a more than $3 trillion coronavirus aid package providing nearly $1 trillion for states and cities, "hazard pay" for essential workers and a new round of cash payments to individuals. The House is expected to vote on the package as soon as Friday.
 
Senate Majority Leader Mitch McConnell says Republicans are still assessing the $3 trillion that previous stimulus has already added to the debt and whether more relief is necessary.
 
The Senate’s No. 2 ranking Republican, Senator John Thune, told reporters House Democrats’ stimulus bill is “not going anywhere.”

Read the full breakdown of today's developments here.

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


May 8, 2020


       

   COVID-19 Update: Deeper Dive
   Pressing Pause on the Next Federal Stimulus Package

Earlier this week, President Trump touted numerous ideas for more pandemic relief—especially his insistence on a payroll tax holiday.

Most of these issues were non-starters in Congress. Key lawmakers and the President stand farther apart on their visions of the next package than ever before.

As a matter of fact, as the week unfolded, the two sides cannot even agree on broad strokes for another giant aid package, and possibly even whether a fourth piece of legislation is necessary in the coming weeks.

Today’s “Deeper Dive” examines the state of negotiations between key lawmakers and identifies priorities by each party at the negotiating table.

Read the full breakdown of the new updates and deep-dive analysis here.
 

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


May 4, 2020


       

COVID-19 Update: The Week Ahead


Our HBS Daily COVID-19 Updates are moving to a new format.

We will publish a COVID-19 Update at least once per week to give you an overview of all COVID-related news from the Capitol.

In addition, when appropriate, we will publish an “HBS COVID-19 Alert,” when news and actions in Washington warrant.

Today, the U.S. Senate returned to work. House Democrats delayed their own return but now expect to be fully back at work the week of May 11.

Read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


May 1, 2020


       

COVID-19 Update: A Deeper Dive –

Federal Resources for America's
Larger Businesses

COVID-19 relief packages have included significant assistance to medium and large businesses directly affected by the Coronavirus Disease 2019 (COVID-19) pandemic seeking economic relief and assistance. The CARES Act - enacted on March 27, 2020 - contains provisions to assist larger businesses.

Today’s “Deeper Dive” reviews those resources designed for medium and larger businesses who do not qualify for Small Business Administration programs or other assistance programs for small businesses.

Read the full breakdown of the new updates and deep-dive analysis here.
 

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


April 30, 2020


       

COVID-19 Update: A Deeper Dive –
More Proposals Emerge
for a Phase 4 COVID-19 Package

The legislative process is never easy to watch and although Members of Congress are not in Washington they continue to develop Phase 4 initiatives from their homes. Merging the priorities of House Members, U.S. Senators, and the Administration will not be easy.

In today’s “Deeper Dive” we take a look at what new proposals are emerging as Congress begins developing their Phase 4 COVID-19 Relief Package.

Read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


April 28, 2020


       

COVID-19 Update: A Deeper Dive –

The U.S. Testing Strategy to Reopen

Testing, testing, testing. With tremendous unrest around the nation building in response to what some are calling “Quarantine Fatigue,” and governments at every level struggling to “reopen” business sooner than later, there is a huge push to seek out increased testing to lay a solid foundation to reopen government safely and effectively.

In today’s “Deeper Dive” we take a look at testing issues and the President’s recently released testing blueprint.

Read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


April 27, 2020


       

COVID-19 Update: A Deeper Dive –

The Paycheck Protection Program, Round II

Today, The Paycheck Protection Program resumes lending today after $310 billion in loan authority was provided under legislation signed Friday by President Donald Trump. While the rules remain generally the same, some additional funding and guidance has been released by the SBA regarding need certifications.

In today’s “Deeper Dive” we take a look at the Small Business Administration funding tools, the new infusion of resources into the program, and what small businesses should consider AFTER they get a PPP approved.

Read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


April 24, 2020


       

COVID-19 Update: A Deeper Dive –

Pandemic Spending to Date

With the enactment of the latest COVID-19 funding measure, Congress has passed four major pieces of legislation adding trillions of dollars to the annual deficit, and providing for an amazing level of financial relief to be pumped into the economy.

In today’s “Deeper Dive” we take a brief look at where roughly $881 billion has been disbursed since the first COVID-19 Relief bill was passed nearly a month ago.

Read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


April 23, 2020


       

COVID-19 Update: A Deeper Dive –

A Look at What’s Next From Congress

April 23, 2020

Every sector of society has felt the pain of the COVID-19 pandemic and Congress has taken unprecedented actions to address the situation. As of today, Congress has passed four major pieces of legislation adding trillions of dollars to the annual deficit, but the question remains – is it enough or will there need to me more? 

In today’s “Deeper Dive,” we take a look at what challenges in ideology and funding face Congress as they begin crafting the next COVID-19 stimulus package.  
 
The House passed the $484 billion interim relief package today by a vote of 388-5, thus clearing the measure for the President’s signature.
 
The House also considered Speaker Pelosi coronavirus select committee. The resolution to formally establish the select committee passed on a vote of 212-182 along party lines, with Rep. Justin Amash (I-Mich.) voting with Republicans in opposition.

Read the full breakdown of the new updates and deep-dive analysis here.
 

Please feel free to share this information internally or use it for client service.

For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


    April 22, 2020


       

COVID-19 Update: A Deeper Dive –
How Do you Reopen a State?

Every state and region across the country has unique circumstances regarding responding to the COVID-19 emergency.  In some parts of the country, civil protests have begun to pop up putting governors under intense pressure to restart their economies. In addition, the White House has issued “Guidelines for Opening Up America Again.”

In today’s “Deeper Dive” we review the President’s guidelines and take a quick look at how States across the nation are planning to reopen for business.

Read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


April 21, 2020



       COVID-19 Update:       

       Interim Emergency COVID-19 Funding Measure Passes in the Senate


The Senate passed (by unanimous consent) a $482 billion Phase 3.5 COVID-19 Response Package aid package to replenish the popular small-business loan program and provide funding for hospitals facing financial shortfalls due to COVID-19. 
 
The U.S. House plans to take up the measure on Thursday.
 
Before considering the measure, the House plans to review and adopt a floor procedures change to allow proxy voting on the House Floor during national emergencies.

Read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.


April 20, 2020



       COVID-19 Update: 
       Negotiations Stall on Latest Interim Emergency COVID-19 Funding Measure

Numerous sectors of society have been hit hard by the COVID-19 crisis and dealing with each one in the coming months will amount to a massive undertaking between the federal government and other stakeholders.  No challenge will be greater than the looming crisis in funding for state and local governments. Today’s “Deeper Dive” focuses on the challenges facing state and local governments.
 
Negotiations continue – mostly likely through the weekend – to craft a compromise to replenish the Small Business Administration’s PPP program.  Leaders expressed hope that a compromise could be reached by early next week.

Read the full breakdown of the new updates and deep-dive analysis here.


Please feel free to share this information internally or use it for client service.
 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), S. 3548 can be found here.
___________________________________________________


April 17, 2020



       COVID-19 Update: Deeper Dive
    State & Local Governments Face Unprecedented Financial Demands

Numerous sectors of society have been hit hard by the COVID-19 crisis and dealing with each one in the coming months will amount to a massive undertaking between the federal government and other stakeholders.  No challenge will be greater than the looming crisis in funding for state and local governments. Today’s “Deeper Dive” focuses on the challenges facing state and local governments.
 
Negotiations continue – mostly likely through the weekend – to craft a compromise to replenish the Small Business Administration’s PPP program.  Leaders expressed hope that a compromise could be reached by early next week.

Read the full breakdown of the new updates and deep-dive analysis here.


Please feel free to share this information internally or use it for client service.
 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), S. 3548 can be found here.
___________________________________________________


April 16, 2020



COVID-19 Update:
Phase 3.5 Talks Fail to Net Results

The Small Business Administration on Thursday reached its limit for issuing new forgivable small-business loans as Democratic leaders and the Trump administration prepared to resume talks over the next COVID-19 relief package. The agency said $339 billion had been approved for nearly 1.7 million businesses.
 
The Labor Department released another devastating jobless claims report – with new applications for unemployment benefits topping 5.2 million for the week that ended April 11. That brings the total for the last four weeks to more than 22 million Americans out of work.
 
When Congress actually returns to Washington, Speaker Pelosi plans to move a resolution to formally establish a Coronavirus Select Committee with Majority Whip James Clyburn as the Chairman of the Committee. The Committee will oversee the $2.3 trillion economic relief package enacted into law late last month – along with any other COVID-19 relief packages passed by Congress.

Read the full breakdown of the new updates and deep-dive analysis here.


Please feel free to share this information internally or use it for client service.
 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), S. 3548 can be found here.
___________________________________________________


April 15, 2020



COVID-19 Update: Deeper Dive
Protecting the 2020 Election Cycle

State and local election officials are concerned about the COVID-19 pandemic and its impact on upcoming primaries and the November general election. The U.S. Election Assistance Commission (EAC) has received several requests for guidance on the allowability of using Help America Vote Act (HAVA) emergency funds to cover costs they are incurring as a result of the pandemic, and in today’s “Deeper Dive” we focus on policy decisions, federal actions, and funding resources to protect the 2020 Election Cycle.

You can read the full breakdown of the new updates and deep-dive analysis here.

Other Topline Updates

Ten days after the Small Business Administration began accepting applications for its emergency forgivable loan program, more than a million loans totaling $247.5 billion have been approved to help companies keep their workers during the coronavirus economic shutdown, according to the SBA. White House officials say the program's funds won't last to the end of the week without Congress appropriating more.

President Donald Trump placed a hold on U.S. funding to the World Health Organization pending a review of the group's response to the COVID-19 pandemic claiming that the group failed to gather, funnel and distribute information about the initial outbreak of the virus which has shut down much of the world.

Please feel free to share this information internally or use it for client service.
 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), S. 3548 can be found here.
___________________________________________________


April 14, 2020



COVID-19 Update: 
CARES 3.5 Funding and Beyond

All eyes turn to Congress to see if additional funding can be appropriated this week (Thursday) to continue providing resources to America’s small businesses through the Paycheck Protection Program (PPP), which is projected to run out of cash by Friday.
 
In a clash with the White House, two groups of governors said they would begin planning with other states in their regions how to begin safely lifting economic and social restrictions that were put in place to slow the spread of COVID-19, without regard to President Trump’s desires otherwise.
 
Before COVID-19, fiscal hawks bemoaned the return of trillion-dollar deficits.  Independent forecasters now expect this year’s budget deficit to nearly quadruple the pre-coronavirus estimate, reaching nearly $4 trillion. That amount of red ink in a single fiscal year would dwarf the deficit peak of $1.4 trillion during the Great Recession and, as a share of the economy, approach levels not seen since World War II.

You can read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service. 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), S. 3548 can be found here.
___________________________________________________


April 13, 2020



COVID-19 Update: Deeper Dive
Small Business Programs FAQs

Since original guidance was released, the Small Business Administration has refined their frequently ask questions and other guides. Navigating these programs can be confusing.

In today’s “Deeper Dive” we focus on the most current guidance compiled by our experts for small businesses in one guide on the Economic Injury Disaster Loans & Emergency Economic Injury Grants and the Paycheck Protection Programs.

You can read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service. 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), S. 3548 can be found here.
___________________________________________________


April 10, 2020



COVID-19 Update: Deeper Dive
Pandemic Frontline Workers Heroes Fund Proposed

While attention on Capitol Hill continues to be focused on relief efforts, most of our attention has been centered on understanding what was included in the CARES Act and how it impacts different sectors of American society. However, earlier this week, Senate Democrats Proposed a “Heroes Fund.”

In today’s “Deeper Dive” we focus on this proposal, our Frontline Workers, and the Proposed Heroes Fund.

You can read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service. 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), S. 3548 can be found here.
___________________________________________________


April 9, 2020



COVID-19 Update: Deeper Dive
Hi-Ed Provisions in the CARES Act

The Coronavirus Aid, Relief, and Economic Security, or CARES, Act established the Higher Education Emergency Relief Fund provides roughly $14 billion to our institutions of higher education. The law requires these schools to provide at least half of the funds they receive, or $7 billion, to students through emergency financial aid grants and in today’s “Deeper Dive” we focus on how the programs and initiatives carved out for Higher Education under the CARES Act.

The Department of Education released formula grant allocations today under the CARES Act’s Higher Education Emergency Relief Fund for institutions, which can be accessed by clicking here.

You can read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.. 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), S. 3548 can be found here.
___________________________________________________

April 8, 2020



COVID-19 Update
Interim Emergency Coronavirus Relief Package Debated

President Trump announced over the weekend that he would ask Congress for more money for small business loans if the $349 billion already designated for the program runs out. Late yesterday, he officially made that request in a transmittal letter to the Senate seeking $251 billion, to a total authorized level of $600 billion, as well as an appropriation of an additional $261.3 billion for SBA for the costs of this authorized level of loan guarantees.

As of April 7, 2020, the Small Business Administration (SBA) recorded over 220,000 loans totaling approximately $66 billion.

You can read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service. 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), S. 3548 can be found here.
___________________________________________________

April 7, 2020



COVID-19 Update: A Deeper Dive
Community Development Block Grants Under CARES

House Democratic Leaders have begun to brief the Democratic Caucus on the outline of the next phase of COVID-19 Response legislation and it appears that the next stimulus package will focus on replenishing funds for programs established in Congress’s $2.2 trillion virus relief bill signed into law last month but the Speaker also noted that the next stimulus bill should assist state and local governments, with an emphasis on smaller municipalities with fewer than 500,000 residents

The CARES Act did include $150 billion in relief resources for states and in today’s “Deeper Dive” we focus on how Community Development Block Grants under the CARES Act can be leveraged by state and local governments to address the COVID-19 crisis.

You can read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.

Today's Topline Updates

President Trump announced over the weekend that he would ask Congress for more money for small business loans if the $349 billion already designated for the program runs out. Today, Majority Leader McConnell announced a bipartisan goal of infusing $200-250 billion in additional resources into the Paycheck Protection Program by as early as Thursday.
 
Chairwoman Maxine Waters released a list of priorities that the Democratic Members of the House Financial Services Committee hopes to see in a Phase 4 bill. More details in today's update.
 
Speaker Pelosi announced that the House is moving to require the electronic submission of documents related to floor action as an effort to “reduce the physical presence of Members and staff in the Capitol.” Starting today, all floor documents, including bills, resolutions, co-sponsors and extensions of remarks, will be submitted to a “secure email system.”

 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), S. 3548 can be found here.
___________________________________________________

April 6, 2020



COVID-19 Update: A Deeper Dive
Navigating the Paycheck Protection Program

The Treasury Department noted on Friday that “On Day 1 of the Paycheck Protection Program, over 1,000 banks have processed over $5,400,000,000 of small business loans to keep employees on the payroll. We also issued additional guidance for the PPP and Airline provisions of the CARES Act."

Today’s “Deeper Dive” focuses on what you need to know as you consider Navigating the Paycheck Protection Program.

You can read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.

Today's Topline Updates

On Friday, April 3, the Department of Labor released its monthly jobs report, which reported that the U.S. economy shed 701,000 jobs, versus the expected 100,000, and that the Unemployment Rate rose to 4.4% versus 3.8% expected by the Department.
 
The jobs report excludes the two-week period at the end of March that saw new unemployment claims skyrocket to a combined 9.9 million claims. “To put the figures in some perspective, it took six months to add 10 million people to the unemployment rolls during the Great Recession following the financial crisis in 2008-2009. That has now happened in two weeks with coronavirus.”
 
U.S. Treasury Department guidance on how $349 billion in federal loans for small businesses reeling from the economic fallout of the coronavirus pandemic will be handled is updated regularly and potential applicants should check here.


 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), S. 3548 can be found here.
___________________________________________________

April 1, 2020



COVID-19 Update: A Deeper Dive
Healthcare And The CARES Act

Our Deeper Dive today focuses on general healthcare related provisions in the CARES Act, and tomorrow’s edition will review how the CARES Act Impacts Long-Term Care Providers in greater detail.

You can read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.

Today's Topline Updates

There are between 160,000 and 200,000 ventilators in the United States, according to the Society of Critical Care Medicine, but as many as 960,000 could be needed in a worst-case scenario of infections. New York Gov. Andrew Cuomo has said the Federal Emergency Management Agency and states are competing for shipments of ventilators. The federal government is expecting at least 20,000 new machines for the Strategic National Stockpile by mid-May.

DOL published a temporary rule issuing guidance on implementing sick leave and FMLA provisions as part of the Families First Coronavirus Response Act (FFCRA). DOL’s Wage and Hour Division (WHD) posted a temporary rule issuing regulations pursuant to this new law, effective today, April 1, 2020 and will post a recorded webinar on Friday, April 3, 2020, to provide interested parties a more in-depth description and help them learn more about the FFCRA.
 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.

___________________________________________________

March 30, 2020


COVID-19 Update: CARES Act Is Law
A Deeper Dive - Small Businesses

March 30, 2020

Soon after the House passed The Coronavirus Aid, Relief, and Economic Security Act by voice vote on March 27, 2020, President Trump signed the measure into law.

In today’s HBS COVID-19 Update, we have begun a series of deeper dives intended to provide a higher level of analysis on certain critical aspects of the three COVID-19 legislative response bills.  We start this series today with “A Deeper Dive - Small Business Administration Provisions in the CARES Act.”

You can read the full breakdown of the new updates and deep-dive analysis here.

Please feel free to share this information internally or use it for client service.
 


For reference, a summary and review of provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), S. 3548 can be found here.

___________________________________________________________________

March 27, 2020


COVID-19 Update: 
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Heads to President Trump’s Desk

The United States House of Representatives was gaveled into session this morning at 9:00 AM and after some debate, the House passed The Coronavirus Aid, Relief, and Economic Security Act by voice vote. The massive package totaling $2.3 trillion now heads to the President for his signature.

A detailed breakdown of the new updates can be found here.

Please feel free to share this information internally or use it for client service.

___________________________________________________


March 26, 2020


After debating concepts and policies for the last four days, when a final deal was agreed to, legislative drafters began the difficult task of putting policies to paper. After a highly contentious day fraught with fights over everything from unemployment insurance benefits to Hyde Language (abortion / life issues) to funding for the Kennedy Center, the Senate finally passed the legislation at 11:45 PM by a vote of 96-0.

The final package totaled $2.3 trillion and the “CARES Act, S. 3548,” the 3rd Phase Package, officially heads to the House of Representatives for consideration, where it is expected to pass by voice vote on Friday, March 27, 2020.

A detailed breakdown of the new updates can be found here.

Please feel free to share this information internally or use it for client service.
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March 25, 2020


Overnight, the White House and Senate leaders struck a deal over a $2-trillion package to provide aid to economy amid the Covid-19 pandemic. The Senate worked all morning to draft legislative language that reflected the compromise agreements hammered out by the negotiators.

The Senate continues debating the legislation as we release this update and while we still anticipate a vote this evening, final consideration could be delayed by concerns raised by Senator Lindsey Graham and others over what they have characterized as a “major drafting error” that they believe could incentivize layoffs by providing unemployment compensation over and above replacement wages.

A detailed breakdown of the new updates can be found
here.

Please feel free to share this information internally or use it for client service.

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March 20, 2020

If your senator is on the Senate Finance Committee, you should have received an email from us asking you to send a statement to your Senator now. See the devastating impact document here as well as the list of Senators with emails. 

Simply send an email to the two addresses for your Senator requesting the staff to share the document with your Senator.  Example:  "Dear Beth:  The information in the attached document is essential to relieve the economic devastation to our industry.  Please share this information with Senator ________."

Your immediate action is critical to save our industry.  The time is now, it is up to you.

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March 19, 2020

Coronavirus Legislation: FAQ

Ways and Means Republicans assembled a comprehensive FAQ to help explain how the federal government is responding to the coronavirus pandemic. It covers what small businesses, seniors, and workers need to know and is broken into sections about what Congress has passed, what Congress is going to do next, and what the Administration has done to help Americans fight this global pandemic.
Read here>>>

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March 18, 2020

Q&A on important timely issues surrounding the effects of the COVID-19 outbreak. 
Because of Attorney Client Privilege you must access this through the members only section. 
Access the document
here but will need to sign in using your email and password.
_________________________________________ 
Letter to Federal Legislators
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COVID-19 Update 3-18-2020
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IMPORTANT STATEMENT FROM OABA PRESIDENT
Current info on status of H2B visa processing & recommendations to address the challenges.


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