According to a report by the Wall Street Journal, a bipartisan group of senior lawmakers are preparing to make significant changes to the Paycheck Protection Program.
What the Bipartisan Backers of the Changes are Seeking
- Giving businesses more flexibility on how the money is spent.
- An extension in the time between when the money was lent and when it is spent.
Both changes follow complaints from restaurants, hair salons and others who say they can’t hire back staff while they are closed during the coronavirus pandemic and need more money to cover their overhead costs.
Why are the changes needed?
“When we conceived the program, we thought businesses would be able to get up and running after eight weeks, but we know now that’s not the case,” Sen. Ben Cardin of Maryland, the top Democrat on the small business panel, said in a statement.
Senator Marco Rubio of Florida, the Republican chairman of the Senate’s small business committee, said lawmakers need to move fast to extend the length of time the business owners have to make the changes.
The Paycheck Protection Program, established by Congress and the President in late March, was aimed at helping businesses keep making payroll for eight weeks, despite orders to shutdown because of the coronavirus pandemic.
The Wall Street Journal reported earlier on
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Pending legislation would allocate record-breaking federal aid to state and local governments, testing and tracing efforts and workers and households.
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House Democrats uneviled a proposal for another round of stimulus funding to aid state and local governments and individuals, as well as to bolster coronavirus testing and contact-tracing efforts, among other allocations.
The pending legislation, dubbed the Heroes Act, aims to buttress the existing CARES Act by carving out $3 trillion more in federal funds for coronavirus relief. That includes up to an additional $6,000 per household in direct “economic impact” payments similar to the one-time, $1,200 checks sent out to millions of Americans over the past several weeks. Apportionments would also be earmarked for everything from extended unemployment benefits and protections for workers who’ve lost employer-sponsored health benefits to election-security measures and a fund for essential workers.
Related: PPP Loan Developments
The House anticipates voting on the Heroes Act before the weekend. However, and as with previous stimulus packages, there will likely be debate and delay on the path to Congressional passage and President Trump’s signature. After the proposed bill was made public, Republican Senator John Barrasso swiftly commented to CNN, “That will not pass. It’s not going to be supported.”
“Local businesses are core to our communities, but the impact of COVID-19 has been tough on business owners. Over the past few months, we’ve added tools and features to make it easier for businesses to keep customers informed, including the ability to add dining options and updated hours to Business Profiles.“
Program Manager, Local Small Business Products
Recently we’ve noted that Google is adding new local-oriented features to Business Profiles of verified brick & mortar stores (or, “physical storefront”) restaurants, and other Main Sreet small businesses. Google has also been adding tools and features to make it easier for local businesses to keep local customers informed, including the ability to add changing dining options and updated hours.
Yesterday (May 11, 2020), Google announced it is adding “support links” to its Business Profiles. With this feature, merchants can provide their customers with donations or gift card links. They can also share a personal message in their post to inform customers how funds will be put to use.
To start, Google is partnering with PayPal and GoFundMe for donations. For gift cards, merchants can link directly to the relevant page on their website or to their gift card offerings with one of Google’s eligible partners, which include Square, Toast, Clover and Vagaro.
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During times of uncertainty, fear and anxiety, it’s easy to become overwhelmed by the world around us. As we search for security and stability, we might be faced with all the things we can’t control: the decisions our legislators make, the state of our healthcare system, whether our loved ones get sick and dozens and other circumstances. However, if we choose to, we can take solace in what we can control — which is a lot.
Times of crisis are ripe with opportunity to remember that we are in control of our own thoughts, which in turn control our emotions and our actions. While it takes discipline and intentionality to put this practice into action, this concept is rooted in proven research in cognitive psychology. Here’s how it works:
You experience the world. Something happens – your governor issues a stay-at-home mandate, your child gets sick or you can’t make payroll. These events are facts that haven’t been shaped by your own opinions, interpretations or assumptions. They simply exist, and they have a neutral charge; only you assign them positive or negative meaning.
You create your thoughts. In an attempt to make sense of your external environment, you consciously and unconsciously untangle what’s