Resurgent Paycheck Protection Program Prompts Regulatory Action

As we mentioned earlier this month, the December 2020 COVID relief package, formally known as the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, reanimated the then-dormant Paycheck Protection Program (PPP), originally created by the CARES Act nearly a year ago. Since its inception, the program has lent over $600 billion. The Economic Aid Act extends the …

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President Signs Coronavirus Relief Package into Law

On Sunday evening December 27, President Trump signed the legislation providing for $900 billion in coronavirus relief, including a $1.4 trillion omnibus spending bill. The measure injects emergency relief funds into the economy and averts a federal government shutdown. The fate of the relief package and omnibus was uncertain since it passed Congress on December …

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House Passes COVID Relief With PIA-Backed Provisions

On Sunday, December 20, Congress passed a one-day continuing resolution (CR) to keep the federal government running until midnight tonight and unveiled a deal to finalize a $900 billion coronavirus relief package, as well as a federal appropriations omnibus bill that would fund the government for the rest of the fiscal year, until September 30, …

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House Passes One-Day CR, Buying Time to Finalize COVID Relief and Funding Combo Bill

After months of wrangling over details of a COVID relief deal, and after delaying passage of federal government funding for FY21, tonight both chambers of Congress agreed on this much: they need more time to finalize the language of the agreed-upon terms for both must-pass deals.  Lawmakers on both sides announced bipartisan agreement on the …

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Congress Passes Two Day Funding Extension as Talks Continue on Coronavirus Relief Package

This evening, December 18, the U.S. House and Senate passed a last-minute continuing resolution (CR) to fund the federal government until Sunday December 20. The action came just hours before the federal government authority was due to expire. The president signed the bill into law before midnight. This averted a temporary shutdown of the federal …

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Congress Struggles to Pass Coronavirus Relief Package

Congress has passed a one-week continuing resolution that avoids a federal government shutdown and gives policymakers another week to negotiate a longer funding bill and find consensus on the details of a coronavirus relief package. Funding authority for the federal government will run out at midnight tonight, Friday, December 11, if the president does not …

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PIA Calls on Congress to Prevent Surprise Tax on PPP Loan Recipients

PIA National has issued an action alert urging Congress to prevent a surprise tax on Paycheck Protection Program (PPP) loan recipients. Included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act was a provision stating that any portion of a PPP loan that qualified for loan forgiveness “shall be excluded from gross income” for …

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