NECA Legislative Top Three 8/14/20: NECA Urges Renewal of Paycheck Protection Program
1. SBA Stops Accepting New PPP Applications
The Small Business Administration, tasked with operating the Paycheck Protection Program with the Treasury Department, has formally stopped accepting new applications to the program. While both Democrats and Republicans recognize the effectiveness of this program, further relief talks have hit a standstill in Congress and the program—which has offered 5.2 million loans at an average of $101,000—will now be closed with over $130 million remaining in its appropriated funding.
NECA’s Look Ahead: NECA has consistently urged Congress to reauthorize the Paycheck Protection Program and has communicated to Members of Congress the effectiveness of this program for small businesses and those hit especially hard by the current pandemic.
2. NECA Joins Coalition to Provide Comments to DOL on ESG Investing
Following a brief 30-day comment period, the Department of Labor received more than 1,500 comments providing feedback to a proposed rule seeking to clarify the responsibilities of fiduciaries when practicing environmental, social, and corporate governance investing, commonly known as ESG Investing. Many groups, including the Construction Employers of America—which NECA is a part of—voiced concerns over the proposed rule which could potentially limit the economic benefit resulting from ESG investments.
NECA’s Look Ahead: NECA will continue to monitor the creation of this rule and the Department of Labor’s efforts to revamp fiduciary responsibilities across the board. We remain committed to creating positive change for our plans and deterring actions that may bring about negative impacts.
3. NECA and Other Groups Voice Opposition to NDAA Beneficial Ownership Requirements
This week, NECA joined a large coalition of groups and sent a letter the Leadership of the House and Senate Armed Service Committee to oppose any beneficial ownership requirements in the forthcoming National Defense Authorization Act (NDAA).
NECA’s Look Ahead: The letter is in opposition to a provision in the House-passed NDAA that incorporated the text of the H.R. 2513, the Corporate Transparency Act of 2019. NECA is continuing to oppose the inclusion of any beneficial ownership requirements once the NDAA is conferenced. We are expecting the conference and a final vote to take place in September.