Doug Rand Profile picture
Apr 7, 2020 4 tweets 3 min read Read on X
Fri ~11pm: Treasury/SBA release first guidance on #PPPloans, helping large religious orgs & not small businesses.

Mon ~11pm: Second guidance just dropped. There's a typo in the URL ("Frequenty Asked Questions"). Not a good sign?

Let's dive in...

1/

home.treasury.gov/system/files/1…
Startups, small businesses, & investors were pleading for a bright-line rule for "affiliation," since eligibility for a #PPPloan may hinge on it.

Bright side: Banks can rely on the loan applicant's certifications, which should speed things up & keep SBA getting bogged down…

2/ Image
Less helpful: Implied requirement that any minority shareholder with certain rights must "irrevocably waive or relinquish" these rights.

Will this FAQ help anyone, or just perpetuate the current scramble to amend investment docs (& only for those with sophisticated lawyers)?

3/ Image
Also, will banks be calmed by the FAQ's claim that "the US government will not challenge lender #PPP actions
that conform to this guidance," or will they be weirded out by this footnote & still deny applications that aren't frictionlessly easy?

cc @EdGrapeNutZimm @nvca

4/4 ImageImage

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More from @doug_rand

Jul 2, 2021
🚨The Biden administration just released its Interagency Strategy on Naturalization, a whole-of-government effort to remove obstacles facing immigrants eligible for US citizenship.

Full plan from @USCIS here:
1/
uscis.gov/promotingnatur…
@USCIS I. Outreach: Marshaling agencies like @USDA @SocialSecurity @DeptVetAffairs & @TheJusticeDept, plus state & local govts, to notify immigrants when they're eligible to apply for citizenship.

There's a lot more detail about this "Naturalization Working Group" (NWG), including:

2/
II. Partnerships:

@usedgov reaching teachers, students & parents "at all levels of education"

@USPS providing naturalization info at post offices

@CBP providing naturalization info at ports of entry

•Streamlined SSN applications

And expanding current partnerships…
3/
Read 6 tweets
Jul 2, 2021
What better way to celebrate Independence Day than with naturalization ceremonies across the country?

Immigrants from all over the world will take the oath of allegiance to become US citizens, including in a White House ceremony today with @POTUS.

1/
uscis.gov/news/news-rele…
The agency responsible for naturalization, @USCIS, is methodically removing barriers to US citizenship for eligible immigrants, including oath ceremonies by video for overseas US military families. An important step in the right direction...

2/
uscis.gov/news/all-news/…
Coming out of the Covid crisis & Trump-era policies, @USCIS has now "return[ed] to pre-pandemic levels when it comes to completing naturalization applications."

That's good news, but there's now a nearly million-application backlog looming.

Data here:
3/
uscis.gov/sites/default/…
Read 4 tweets
Feb 19, 2021
President Biden's immigration bill includes not only a path to citizenship for undocumented immigrants, smart border policies, & humane treatment of refugees—it also promises major & long-overdue improvements to our skills-based immigration system...

1/
cnbc.com/2021/02/18/imm…
Let's start with the broken status quo: Lots of talented people want to be in the US—not as temporary workers, but as permanent residents with green cards, & ultimately US citizens.

But there aren't enough employment-based green cards.

The official cap is 140,000/year, but…
2/
…people have families, turns out, so ~70k green cards go to employer-sponsored workers, & ~70k go to their spouses & children.

This compels many future Americans to use a somewhat-less-scarce *temporary* work visa, like the H-1B, while waiting for a green card.

3/
Read 17 tweets
Feb 5, 2021
America welcomes ~1 million new permanent residents each year.

But our annual green card caps haven't changed since 1990, even as US population grew 30% & real GDP doubled.

How much *should* annual immigration go up?

@NatImmForum has a number: 37%

1/
immigrationforum.org/article/room-t…
The argument is rooted in demographics: America's "Old Age Dependency Ratio" (# working-age vs. retirement-age adults) is plummeting, which is very bad news for future economic growth, Social Security solvency, etc.

To stay at par (3.5 ratio) by 2060, we need more immigrants.
2/
Specifically, 37% more immigrants—a total of ~1.37M/year.

Consider that Canada & Australia already welcome *200-300%* more immigrants than America does, adjusted for population.

America's immigration policy is among the stingiest in the @OECD.

3/
boundless.com/blog/canada-au…
Read 4 tweets
Feb 5, 2021
President Biden just signed an executive order on "rebuilding & enhancing" U.S. refugee programs.

Let's pause for a moment, and pray for the return of a day when the following statement of policy is no longer the least bit controversial:

1/
whitehouse.gov/briefing-room/…
For expert commentary on the impact of this order, see @IRAP @RCUSA_DC @RESCUEorg @HIASrefugees @LIRSorg & many more groups that have done the hard work of protecting refugees during the dark recent times.

I just want to point out some elements for the tech community...

2/
Important call for more efficient collection & sharing of biometric data, along with interviews via teleconferencing—these are tech-driven opportunities to streamline the whole system & put the President's goal of 125,000 annual refugee admissions within reach.

3/
Read 6 tweets
Feb 4, 2021
Trump's DHS rushed out a final rule on 1/8/21 to restrict H-1B visas to only the highest-paid workers.

Biden's DHS, today: There's no time to do this by Trump's 3/9 deadline. New deadline is 12/31.

So this year's H-1B lottery will be the usual.

1/
federalregister.gov/public-inspect…
How does DHS justify delaying the effective date without notice & comment?

"USCIS will not have adequate time to complete system development, thoroughly test the modifications, train staff,
& conduct public outreach needed to ensure an effective & orderly implementation."

2/
Also:

"During the delay, while USCIS works through the issues associated with implementation, DHS leadership will also evaluate [Trump's] January 8th rule & its associated policies, as is typical of agencies at the beginning of a new Administration."

In other words...

3/
Read 5 tweets

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