• CARES Act Update—PPP Loan Forgiveness FAQs; Prospects for Further Federal Legislation
• Wespath Launches Investment Insights Blog

CARES Act Update—PPP Loan Forgiveness FAQs; Prospects for Further Federal Legislation

PPP FAQs

On August 4, 2020, the U.S. Treasury Department and Small Business Administration (SBA) published a set of FAQs about Paycheck Protection Program (PPP) Loan Forgiveness. While some of the FAQs repeat existing guidance in the SBA’s regulations and forms and instructions, the August 4 FAQs provide some new information that may be helpful for PPP borrowers.

Further Federal Legislation

Congress and the Administration continue to negotiate the terms of additional legislative relief related to the COVID-19 pandemic and related economic crisis. The House approved a $3.5 trillion package of additional relief called the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act on May 15, 2020. On July 27, 2020, the Senate introduced a $1 trillion package called the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act (which is a proposal that would aggregate eight other COVID-related Senate bills).

While the details differ, both bills contemplate multiple relief measures, including (among other things):

• A new round of economic stimulus checks to taxpayers
• Additional changes to the PPP
• Extension of the enhanced unemployment benefits under the CARES Act (Coronavirus Aid, Relief and Economic Security Act)
• Expansion and new flexibility for employee retention tax credits for employers
• Liability protections for employers
• New support for the health care system and state and local governments

The terms of a final bill remain to be seen, and the prospects for its enactment are yet unknown; however, there is increasing economic pressure for federal relief. Wespath will continue to monitor federal legislative developments.

Wespath Launches Investment Insights Blog

Wespath’s Investments team is excited to announce its new Investment Insights blog! On a regular basis, the blog will feature new, easily digestible commentary from CIO Dave Zellner and the rest of our investment team. The first post, written by Dave, illustrates our vision for a sustainable economy. These blog posts will also be featured on social media, so remember to follow us on Facebook, Twitter and LinkedIn. Please feel free to share relevant posts with your constituents.

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