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

 

 

For more information and updates, visit Treasury.gov/CARES and SBA.gov/PaycheckProtection.
 

 


 

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.