Discover and read the best of Twitter Threads about #CARESAct

Most recents (24)

Today, we have:

- 90,000+ American lives lost to #COVID19
- Depression-level unemployment across the U.S.
- Persistent PPE shortages

Tomorrow, we'll see:

Senate Republicans waste @HSGAC's time and resources on an unrelated political errand for President Trump.

For those who don't know, @HSGAC is the Senate’s primary oversight committee charged with studying 'the efficiency, economy and effectiveness' of ALL agencies across our government.

But, with that broad jurisdiction, in the middle of a pandemic, we're chasing conspiracy theories
While millions find themselves in dire straits, Chairman Johnson is using this committee to push Russian disinformation.

I've also served as @HSGAC Chairman. There's no shortage of legitimate issues that this committee has a responsibility to examine right now. Here are a few:
Read 23 tweets
We're live with ASMP's Wednesday Webinar. Join us here or live on @Facebook…
Mike Klipper is updating us on the additional relief legislation now being considered by the House. Dems and Reps are "very far apart." The President has dubbed the legislation "Dead on Arrival." #HeroesAct
As always, our disclaimer, courtesy @MaddreyPLLC
Read 57 tweets
➡ CHILDCARE: Our goal is to have the safest child care system in the nation. One that nurtures the health and continued growth and development of our children and one that protects the health and safety of our child care workers and teachers. #StaySafeOhio
Moving forward, childcare is going to look different for children, parents, and teachers as long as #COVID19 is around. But we must get this right, or we run the risk of exposing more individuals. #InThisTogetherOhio
Beginning Sunday, May 31st childcare providers in #Ohio will be able to re-open, with reduced numbers of children in each classroom and intensified cleaning and handwashing practices. #ResponsibleRestartOhio
Read 8 tweets
Like many, I’ve had some extra fee time these days... After rebinging @theofficenbc and #theofficereunion I was inspired.

A thread of Trump’s handling of the #coronavirus (#COVID19) pandemic, as told by Michael Scott. #TheOffice
Way back in 2018, Trump decided it was a good idea to disassemble the #Pandemic Response Team – created by the Obama administration in case there was “an airborne disease that is deadly.” This can’t go wrong! #thiswaspreventable
Trump does nothing to replace this. He plays golf and insults people on Twitter – just the normal things that presidents do right?
Read 52 tweets

Some MAJOR #PPP news to pass along. Earlier today @USTreasury updated the FAQs on its site (AGAIN!), by creating new Q&A #46.

In short, Q&A #46 creates a safe harbor for PPP loans of $2 million or less when it comes to the good-faith certification...…

Just to be clear, we're talking about the certification that a borrower must make that says:

"current economic uncertainty makes this loan request necessary to support the ongoing operations"

In short, Q&A #46 the safe harbor says that if you received a loan of...

...$2 million or less (including loans made to affiliated companies), the certification will be deemed valid. Period. End of story.

The logic behind this, per Q&A #46, is to "promote economic certainty" for borrowers and to...
Read 12 tweets
Live tweeting ASMP's Friday Town Hall. @LindseyBest in CA asking @MaddreyPLLC about the problem of jobs shot in 2019 paying in 2020. Maddrey: "This is related to the #W2/#1099 problem. We've read & read & there's no clear guidance. Now we're calling them. We'll get an answer."
Now on to the featured attraction...
First things first...
Read 46 tweets
Turns out that Brentwood School, which Steven Mnuchin & Michael Milken's kids attend has rec'd PPP $.
Who could have told them to apply
Who could possibly have made sure this happened..
Late yesterday, after this story broke, Mnuchin tweeted:
“It has come to our attention that some private schools with significant endowments have taken #PPP loans. They should return them. @SBAgov #CARESAct #PPPLoans
Can't make this stuff up!
And then Trump chimed in...
He's worried that his base will, for once rightly, take offense at the rich people associated w his admin getting preferential treatment while they struggle.
Read 3 tweets
1/ Today at noon CT, @TexasTribAbby will speak to U.S. Representative Sylvia Garcia (@RepSylviaGarcia) about the federal response to the #COVID19 outbreak:

Follow this thread for some discussion points. #ttevents
2/ As the threat of #COVID19 spread in the country, Congress passed into law the #CARESAct, a massive spending bill aimed at mitigating the health and economic impacts of the virus:
3/ Last month, @TexasTribAbby reported that the #CARESAct, which is estimated to cost taxpayers over $2 trillion, aimed to reinforce the medical response to the pandemic, keep businesses afloat and bolster the U.S. economy:
Read 6 tweets
1/ Tomorrow at 12 p.m. CT, the Tribune’s @viaalana will speak to UT System chancellor J.B. Milliken (@jbmilliken) about the #COVID19 pandemic’s impact on higher education.

Follow this thread to see what we’ll discuss. #ttevents
@viaAlana @jbmilliken 2/ The @utsystem is uniquely positioned to respond to the virus — it educates more health care workers than any other #highered system in Texas.

Here’s how @UTAustin's McLellan Lab played a key role in coronavirus vaccine development:
@viaAlana @jbmilliken @utsystem @UTAustin 3/ Last month, @ShannonNajma reported on how faculty and staff across the UT System were transitioning to online instruction and adjusting to address the needs of students who depend on campus services:
Read 6 tweets
Essentially, the meat/poultry industry took no action to protect workers from #COVID, churning through them as though they’re disposable. Now that plants are shuttering due illness and death, Trump issues an order forcing workers back on the job.…
Trump’s invocation of the Defense Production Act doesn’t “force” producers to stay open. It gives them cover for what they were doing anyway until local and state officials stepped in to protect these #EssentialWorkers—keep the line running at all costs.
It’s what the meat and poultry industries have always done—put profits over people. It’s why workers aren’t paid a living wage, have no paid sick leave, and are often fired when they have to miss work due to illness or taking care of a loved one.
Read 10 tweets
Hey all. I know many of you have been asking Qs about #PPP and other #CARESAct relief. And I know I haven't been able to answer them all.

Going to take next 45 minutes or so to answer some more.

So, tell me, What's Taxing Your Mind Today?

PLEASE ask w/ #WTYMT so I can filter!
No. The nature of your previous employment doesn't change the nature of the additional $600 amount the #CARESAct authorizes.

Simply put, if you're eligible for unemployment benefits under your state law, you'll be eligible for the $600 amount too #WTYMT

. @ManasaSogNadig I'm not an expert in visas, so I'm going to 'punt' on that part. But in terms of the rules for the #PPP, it explicitly excludes only those workers "whose principal
23 place of residence is outside of
24 the United States."

Read 11 tweets
SBA partnered with nearly 5,000 community banks and lenders to distribute emergency capital through the #PaycheckProtectionProgram. If you have applied for a PPP loan, be sure to work with your lender to ensure your funds are quickly disbursed.
In 14 days, @SBAgov guaranteed emergency loans provided by the #CARESact. So borrowers know—when a lender submits a loan application to SBA, they receive a loan guarantee number for your loan.
Once the loan guarantee number is generated, lenders should continue working diligently to close these loans as quickly as possible and ensure America's small businesses receive #PaycheckProtectionProgram funds to make payroll and support their employees.
Read 4 tweets
This Just In: Six tribal governments -- including two in #Alaska -- are suing the Trump administration in order to prevent Alaska Native corporations from cashing in on the $8 billion #Coronavirus relief fund. #COVID19
#CARESAct complaint filed in federal court in District of Columba. It's 27 pages.

NOTE: 3 Plaintiffs from Alaska
* Chehalis Tribes (Washington)
* Tulalip Tribes (Washington)
* Houlton Band (Maine)
* Akiak (Alaska)
* Asa’carsarmiut (Alaska)
* Aleut St. Paul Island (Alaska)
The 6 tribes are suing Secretary of the Treasury Steve Mnuchin @stevenmnuchin1. They allege of his role in $8 billion #Coronavirus relief fund:

"The Secretary is required to disburse all $8,000,000,000 by April 26, 2020, and Plaintiffs’ injury is imminent."

Read 6 tweets
Federal Reserve Takes Additional Actions To Provide Up To $2.3 Trillion In Loans To Support The Economy… 9 April 2020 Fed Press Release

As of April 8, 2020, there was $1.84 trillion worth of Federal Reserve notes in circulation.…
The Federal Reserve is America's Central Bank. It decides how much money is in the economy. Many people think the Fed prints money. But, only the U.S. Department of the Treasury prints the Federal Reserve Notes.

Most of the 'money' in use is not cash!
The MAJORITY of money in circulation is CREDIT. Credit that's added to member banks' deposits.

The Fed manages money supply available to spend/invest. This includes expansive monetary policy, and/or responding to a pandemic. The availability of that supply is called liquidity.
Read 20 tweets
1) On Friday @IRSnews issued NEW #FAQs resolving whether an employer that receives a #PPP #Loan may defer Employer portion of #socialSecurityTaxes under #CARESAct…
2) Employers receiving #PPPloans may not defer the deposit&payment of the Employer share of #SocialSecurity tax "otherwise due AFTER the employer receives a decision from the lender that the loan was forgiven." #IRSFAQ #1
3) The deferral applies to deposits&payments of an Employer's share of #SocialSecurity #tax that would otherwise be required to be made during the "Payroll Tax Deferral Period" (March 27 through December 31, 2020). #CARES #Section2302 @IRSnews #FAQ 2
Read 9 tweets
SHOCKING: MN Sen & Dr. @drscottjensen said that he received a 7 pg doc from @mnhealth to fill out death certificates with a diagnosis of #COVID-19 whether the person actually died from COVID-19 or not.

Why is #MN inflating COVID-19 death numbers?
Here is the 7 pg document @drscottjensen referred to in the clip:

Guidance for Certifying Deaths Due to
Coronavirus Disease 2019 (COVID–19)…
.@drscottjensen said they could be inflating COVID-19 deaths for fear.

What if there is MONEY from the #CARESAct?
@Tore_says pulled this info from @KFF. Thanks Tore.

Read 3 tweets
The Trump-Scalia Dept of Labor released new regulatory guidance for the new pandemic #unemployment assistance (PUA) program passed by Congress in the #CARESAct, and it’s criminally narrow.…
While the program will cover #gigeconomy workers, it only extends to those who are “forced to suspend operations” because of #COVID19, leaving those who could still turn their apps on—even if they can’t find work—in a grey area.
While PUA will cover those who are caring for a child while school is closed due to #COVID19, that coverage could end when the regular school year is over.
Read 5 tweets
The CFPB has fundamentally misread the situation consumers are facing during the #COVID19 pandemic and needs to change gears FAST. I've written a white paper on what it can do. Here's a quick rundown: THREAD 1/12
.@CFPB "has been proceeding as if it is oblivious of the new and urgent risks facing consumers. It is relaxing various duties for financial a time when the focus needs to be placed on the grave economic hardship now confronting millions of Americans." 2/12
INFORMATION is the first step. @CFPB just as our brave medical professionals can't save lives without the right equipment and tests, a consumer protection agency can't do it without ample information on what is going on in the marketplace. 3/12
Read 12 tweets
THREAD: As we worry about shortages w/ the Paycheck Protection Program for small businesses, we should think about how to guard against companies that are relatively unaffected by the crisis but still qualify. They shouldn’t be taking the money. #CARESAct #CoronavirusUSA
2/ As a general principle, if it’s determined a business took the loan but didn’t need it, that business should be required to pay it back in full plus 1x penalty. #CARESAct #CoronavirusUSA
3/ Government would need to look at company net income at the end of 2020, and if you end up making more than you did in 2019, you probably didn’t need the loan. Obviously need to have a carveout for early-stage companies/start-ups and other outliers. #CARESAct #CoronavirusUSA
Read 3 tweets
🚨SBA just released its new "affiliate rule" for the #CARESAct #PaycheckProtectionProgram & only made one change:

Faith-based organizations are exempt.

That's it.

Zero relief for Main Street & VC-backed firms.

Here's the full Interim Final Rule:
SBA also released this two-page press release, which has no force of law and is easy to misinterpret. All it does is restate existing rules & statute.

Next up: a quick restatement of the restatement for non-lawyers...
(a) If you are a restaurant or hotel, a franchisee, or an SBIC-backed company, *no affiliation rules apply to you,* because Congress said so.

It doesn't matter if your parent company has a zillion employees; as long as your entity has <500 employees, you can get a #PPPloan.

Read 15 tweets
If banks deploying @SBAgov funds (ie @BankofAmerica) by prioritizing people who they already loan to, MAKE NO MISTAKE about who will be left out of this equation. If you don't already know facts on this, here's a primer:

#StimulusBill #CARESAct #COVID19…
"Black applicants were rejected at more than double the rate of non-Hispanic white applicants on all types of loans, including conventional mortgages"

Imagine that.

cc @andreperryedu @binajv @KeithMestrich
The overall rate of denials of mortgage applications from blacks was 18.4%...with 13.5% for Hispanics and 10.6% for Asians. For non-Hispanic whites, it was 8.8%.

The federal govt (@SBAgov) cannot allow distribution of this aid to magnify and exacerbate the bias already present.
Read 9 tweets
I have spent the last 24 with @HoustonBarnes trying to find answers to help Small Businesses and American's navigate the #CARESAct. There are a lot of problems that need to be addressed quickly to get $$ into people's hands.
SBA Relief: Banks aren't willing to lend at the 0.5% rate and have asked to extend that to 1% (because they need to make more $). Also, the SBA does not have a process to implement the #CARESAct and administer loans / grants up to $10k within 3 days of application.
Another big part is PPP which applications suppose to start today (4/3), banks are unwilling to administer through the SBA lenders until they get more government assurance and backing + guidelines about who can qualify for loans and how to screen applicaitons.
Read 7 tweets

#Breaking: Treasury has released Interim Regulations for the #PaycheckProtectionProgram

I'm about to review and break them down, but before doing so, I just want to quickly mention how incredible it is that @USTreasury got these out before tomorrow "Opening Day".


Note these Regs provide an IMMEDIATE INTERIM RULE, which means they are effective right away, despite not having undergone a (normally-required) comment period.

As a result, these are Regs which CAN be immediately relied on, but comments ARE requested for a 30-day period...

Money IS desperately needed by businesses now, so it makes sense that the Congress and the SBA are streamlining the application and underwriting process.

But it's also kind of amazing we're about to give about $349 BILLION out based on what is essentially the "honor system"
Read 17 tweets
We need BETTER OVERSIGHT of a #bailout for the #COVID19 crisis. It's worth $5 trillion - a quarter of GDP. We need to use Phase 4 legislation to improve oversight. Let's not play small ball. (Hat tip: @kyledcheney+@mzanona) THREAD 1/12
.@RepKatiePorter, mindful that the public remembers the #bailout of #WallStreet all too well, hits the right notes: “In the wake of the financial crisis 10 years ago, there are going to be a lot of suspicions. Can we trust the Fed and the Treasury?” 2/12…
.@ChuckGrassley is adding a bipartisan tone to the discussions. “Now, more than ever, it’s critical that we ensure that this money is used as intended,” Grassley said. He’s a longtime fan of good oversight. 3/12…
Read 13 tweets

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