Congress Passes More Small Business Funding
The PPP will get a $310 billion infusion for loans, and the EIDL program will get $60 billion.
We suggest that you contact your local lender regarding any previous application you may have made or to apply for a U.S. Small Business Administration loan. The SBA loan application can be found here and SBA-approved lenders can be found here.
USDA Increases SNAP Benefits by 40%
Supplemental Nutrition Assistance Program (SNAP) program recipients will receive a temporary 40% increase in monthly benefits to provide relief from the pandemic-related economic slowdown. The boost lets families obtaining less than their maximum benefit get the greatest amount per their household size for as long as two months. The extra SNAP money comes as the spread of COVID-19 continues to push the unemployment rate to levels not seen since the Great Depression. School shutdowns are also forcing parents to provide meals for their children that would otherwise have been provided by their school. “USDA is providing a 40% increase in SNAP benefits to ensure that low-income individuals have enough food to feed themselves and their families during this national emergency,” Agriculture Secretary Sonny Perdue said in a statement.
Urge Congress to Provide Liability Protection to Essential Critical Infrastructure Industries
PMAA, NACS, SIGMA, NATSO and several other associations are urging Congress to protect essential businesses that remain open during the COVID-19 pandemic from lawsuits and other claims by infected persons. The liability protection effort would provide essential businesses, designated as essential critical infrastructure by the Department of Homeland Security, with immunity from lawsuits claiming money damages for persons who allegedly contracted COVID-19 at a business premises or as a result of business operations. The motor fuels, heating fuels and convenience store industries are at the forefront of COVID-19 response efforts and should not have to worry about future lawsuits for providing needed products and services to American consumers.
Please click here to urge your lawmakers for liability protection in a future COVID-19 response bill.
4.1 Million Americans File for Unemployment Benefits
Last week, 4.1 million Americans applied for unemployment benefits, bringing the five-week total during the coronavirus pandemic to 26.5 million. Although there are signs that layoffs are slowing, the number of people applying for jobless benefits has broken records due to the coronavirus pandemic. Economists predict the unemployment rate could reach 20% as workers are furloughed due to stay-at-home orders enacted to slow the spread of COVID-19. Federal and state governments rushed to expand benefits and make it easier to file for unemployment as the economic fallout continues.
Top House Democrat Seeks Second Round of Direct Cash Payments
House Ways and Means Chairman Richard Neal (D-MA) expressed his desire to include another round of direct cash assistance to Americans in the next COVID-19 relief measure. In addition to more stimulus checks, Neal wants to extend unemployment insurance through the fall and provide more aid to the healthcare industry and state and local governments. The House Chairman’s position stands in contrast with Senate Majority Leader Mitch McConnell’s (R-KY) preference for states to declare bankruptcy rather than provide another infusion of federal dollars.
Oil Prices Surge Amid Volatility
The U.S. oil gauge swung 20% as traders buckled in for a wild ride.
