Coronavirus Government Response Update—Senate Extends PPP Loan Program
Welcome to the Coronavirus Government Response Update. This information is intended to keep ISSA members up to date on fast-moving government affairs related to the COVID-19 pandemic, as well as other public policy issues important to the cleaning industry. Today’s update touches on ISSA’s new fund supporting advocacy efforts on behalf of the cleaning industry, the U.S. Senate’s approval to extend Paycheck Protection Program (PPP) loans, June’s private payrolls increase, and more.
ISSA Unveils New Fund to Support Advocacy Efforts for the Cleaning Industry
ISSA set in motion a new ISSA Advocacy Fund (IAF) to help ensure the association has the necessary resources to advocate effectively on behalf of the cleaning industry now, during this critical time of the coronavirus pandemic, and for years to come. Contributions to the IAF will directly support the targeted grassroots advocacy, direct lobbying, issue education, coalition building, targeted public relations, research, and legal activities necessary to win key legislative and regulatory victories. Click here to learn about the benefits to your business of becoming an ISSA Advocacy Fund Founding Supporter.
Senate Agrees to Extend PPP Loan Program to Early August
The Senate passed a bill to extend the Paycheck Protection Program Tuesday evening, hours before the Small Business Administration stopped accepting applications. Unless and until the House approves of the language, the SBA will no longer be accepting applications to the program. Small Business Chairman Marco Rubio, an architect of the program, has said he “wants to repurpose the unclaimed funds to help the hardest hit small businesses” by “allowing businesses demonstrating particularly large drop-offs in revenue to apply for additional forgivable loans wherein the portions not used for payroll would be converted into long-term, low-interest loans.”
June Private Payrolls Rose 2.37 Million in June
Companies continued to bring workers back from their pandemic furlough as the national economy slowly reopened this past month. According to CNBC, private payrolls rose by 2.369 million employees in June, a bit below the 2.5 million expected by economistsHiring increased among small businesses, adding 937,000 workers overall. The goods sector in total saw a net gain of 457,000 jobs, and the services sector grew by 1.912 million positions. In addition, manufacturing jobs rose by 88,000.
Economy’s Second-Half Comeback Is Now Threatened by Coronavirus Resurgence
As the economy moves into the second half of the year, economists expect to see a rebound, but the new coronavirus outbreak “threatens to make it less potent than expected.” More than a dozen states have halted some reopening activity thus far, and if the virus spread worsens, the job gains in May and June could quickly turn to losses by July. According to CNBC, “The current hot spots — Arizona, Texas, Florida, South Carolina, and California — account for 37% of US GDP, and by the time the growth in the virus peaks…roughly half of the country [could] be impacted.”
Other Links of Interest:
- Take Action Now–Urge Your Elected Officials to Support Clean Start Tax Credit
- Latest ISSA Advocacy Webinar Recording Now Available
- ISSA Infographic Highlights Need for Clean Start Tax Credit
- SBA Coronavirus (COVID-19): Small Business Guidance and Loan Resources
- FiscalNote Updates & Resource Center: Legislative Response to COVID-19