April 10, 2020
Please see below for this week's updates from the Federal Reserve, OSHA, Department of Treasury, Virginia Department of Agriculture and Consumer Services, as well as the latest from Governor Northam regarding restaurant relief.
Federal Reserve Announcement
Yesterday, the Federal Reserve issued a statement announcing an additional $2.3 Trillion dollars in lending to enhance lender’s liquidity. The Federal Reserve stated that they hope that this will “Bolster the effectiveness of the Small Business Administration's Paycheck Protection Program (PPP) by supplying liquidity to participating financial institutions through term financing backed by PPP loans to small businesses. The PPP provides loans to small businesses so that they can keep their workers on the payroll. The Paycheck Protection Program Liquidity Facility (PPPLF) will extend credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value.”
To view the full announcement click here.
It is important to note that this does not provide additional money to the PPP. That must be accomplished through legislative action. Yesterday, Senator McConnell attempted a voice vote to add an additional $250 Billion dollars to the PPP, however, they did not achieve unanimous consent for the voice vote, therefore, it has stalled in the Senate until at least Monday when the Senate is next in Session.
OSHA Guidance for Retail Workers
OSHA has released a one-page guidance document for workplace safety during the COVID-19 Pandemic. That document can be found here.
The full 35-page Guidance Document Can be found here.
Department of Treasury FAQ on Paycheck Program Loans
An updated FAQ page on the PPP Loan process was issued by the Department of Treasury and can be found here.
Additional Resources for Small Businesses with Regard to the CARES Act
- Top-line Overview of the Program
- Additional Information for Lenders
- Additional Information for Borrowers
- Borrower Application Form (Updated 4/2/20)
- Lender Application Form
- New Lender Application Form (Federally Insured Depository Institutions, Federally Insured Credit Unions, Farm Credit System Institutions)
- Interim Final Rule
- Interim Final Rule on Affiliation
- Applicable Affiliation Rules
- Find An eligible lender
Virginia Department of Agriculture and Consumer Services Guidance
The Virginia Department of Agriculture and Consumer Services' guidance for grocery and retail food stores regarding COVID-19 can be found here.
Governor Northam Announces Additional Relief for Restaurants
Northam authorized Virginia ABC to defer annual fees for licenses and permits up for renewal through June.
In addition, he directed ABC to allow establishments with mixed beverage licenses to sell mixed beverages through takeout or delivery. To find the full press release click here.