THE FRANKLIN PARTNERSHIP - OTHER RESOURCES
Every two weeks, The Franklin Partnership provides an update on legislation and other announcements related to COVID-19 and the current economic environment. The last update provided can be viewed here. Published on November 30, 2020.
- CDC Scientific Review: Cloth Face Coverings Can Protect
- CDC Updates Manufacturing Page: Cloth Face Coverings
- OSHA: Cloth Face Coverings Not PPE
- OSHA Frequently Cited Violations Top 10
- IRS Tax Tip: Errors to Avoid When Claiming Employer Tax Credits
- Treasury, IRA Reiterate Borrowers Cannot Deduct Expenses if Expect Loan Forgiveness
- Coalition Opposing SBA Form 3059 "Necessary Questionnaire"
- Main Street Lending Facility Closing Dec. 31, Federal Reserve to Return Unused Funds
- Legislative Update
Please see additional highlights from this week, provided by the Franklin Partnership
Despite the noise late last week and over the weekend, a COVID bill remains extremely unlikely especially now that Senate Republicans seem dug in against moving a bill of the size the President wants.
The last two weeks began with OSHA clarifying COVID reporting requirements, continued with CDC clarification on COVID transmission and ended last week with new PPP Forgiveness Guidance.
- CDC clarified that COVID is airborne but spreads less commonly through contaminated surfaces;
- OSHA is enforcing reporting and recordkeeping while staring employers must report COVID related hospitalizations within 24 hours of determination was work-related incident;
- Caution that lawsuits against employers whose worker “brought home” COVID are expanding;
- SBA/Treasury issued new IFR, FAQ stating a lender does not need to issue a new promissory note clarifying that a borrower has ten months to submit their forgiveness application prior to having to begin paying principal, interest, fees; stated that if a borrower submits documentation for costs exceeding the permitted forgiveness amount, lender may only include “up to” permitted amount; new form and no reduction in forgiveness amount for lower FTE headcount for loans under $50,000; and
- Legislative Update with 22 days until the election and two weeks until a Supreme Court nomination vote in the Senate
NOTE: SBA and Treasury justified the changes to forgiveness of loans under $50,000 without legislative action and through regulatory procedures by stating, “The Administrator and the Secretary determined that these exemptions are an appropriate exercise of their joint rulemaking authority to grant de minimis exemptions under section 1106(d)(6) of the CARES Act.”
In addition to the above update, The Franklin Partnership has also provided AMBA members with the below resources.