Paycheck Protection Program
As financial institutions begin implementing the Paycheck Protection Program, part of the CARES Act, we are working closely with the North Carolina Bankers Association to provide the latest resources for your business on this page. Check back often for updates.
Coronavirus Aid, Relief, and Economic Security (CARES) Act (Phase 3)
Congress’s latest coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is the largest economic relief bill in U.S. history and will allocate $2.2 trillion in support to individuals and businesses affected by the pandemic and economic downturn. The U.S. Chamber provides this summary and also created this Guide to Employee Retention Tax Credit. For information on how the U.S. Treasury Department is taking action on the CARES Act, click here.
EPA Enforcement Discretion Policy
The U.S. Environmental Protection Agency recently released new guidance to assist the regulated community in responding to COVID-19. The guidance confirms that EPA will exercise fact-specific enforcement discretion regarding compliance issues that arise due to the outbreak and addresses a number of specific scenarios that may arise. An overview of this policy, from Robinson Bradshaw, can be found here.
Families First Coronavirus Response Act (“Families First”, Phase 2)
On March 18, 2020, the U.S. Senate passed the U.S. House of Representative’s “Families First Coronavirus Response Act,” by a vote of 90-8, and President Trump signed the act into law the same day. The law does not contain any changes to the House versions of the legislation that were passed on March 14 and March 16 – read a summary from the U.S. Chamber here. Ogletree Deakins provided this summary of the legislation’s impact on employers and the U.S. Chamber shared What Businesses Need to Know.