1. House of Representatives to Pass Phase IV LegislationThe House is expected to vote on Phase IV legislation on Friday, May 15, 2020. This bill, H.R. 6800 - HEROES Act, is expected to pass on party lines. This Phase IV Legislation, in it’s current form, is unlikely to pass the Senate without substantial changes and we are unlikely to see a final bill until June.
NECA’s Look Ahead: NECA will continue to work with legislators as the text of this bill evolves to ensure the inclusion of our Phase IV Asks. We are confident that NECA’s needs will be met in the final version of this legislation.
2. PPP Safe Harbor Deadline Extended Again
The U.S. Department of Treasury issued new guidance this week extending the safe harbor repayment date to May 18, 2020 to give borrowers an opportunity to review and consider the certification of necessity of their loan request. Borrowers do not need to apply for this extension. The new guidance also verifies that if the loan is less than $2 million, then the borrower is deemed to have made the required certification in good faith. If the loan is over $2 million and the SBA determines in the course of its review that a borrower lacked an adequate basis for the required certification concerning the necessity of the loan request, SBA will seek repayment of the outstanding PPP loan balance and will inform the lender that the borrower is not eligible for loan forgiveness. Review the PPP Loans FAQ here.
NECA’s Look Ahead: NECA continues to keep our contractors up to date on the latest information regarding all changes in coronavirus relief information. Please continue to look out for alerts and updates regarding changes and do not hesitate to reach out to the Government Affairs team directly with any questions you may have.
3. Take Action: Tell Congress NECA’s Requests In Phase IV Legislation
On May 13, 2020, NECA’s Government Affairs team hosted a webinar to discuss NECA’s requests in the upcoming Phase IV legislation. If you were unable to attend or would like to view the recording, you can access it here. NECA encourages its members to take action and voice NECA’s needs to congress.
NECA’s Look Ahead: Thank you to all those that attended the webinar. We remain focused on advocating for our industry’s needs throughout this period to ensure NECA contractors’ voices are heard.