April 25, 2020 Federal Update: COVID-19
President Trump Signs $484 billion Relief Package
President Donald Trump signed a $484 billion relief package Friday April 24 to provide further aid to employers, hospitals and health organizations conducting testing for COVID-19.
The bill is Congress’s latest effort to help the roughly 26 million people in the US who have filed for jobless aid in the last five weeks. The funding measure provides:
- An additional $321 billion for the depleted Paycheck Protection Program, of which $60 billion is set aside for underbanked businesses. That includes community-based lenders, smaller banks and credit unions to assist smaller businesses that don’t have established relationships with big banks and had a harder time accessing the funds in the first round of loans. About $10 billion of that would also be allocated for administration fees;
- $60 billion in additional funds for the SBA’s disaster loans and grants programs;
- $75 billion for hospitals and
- $25 billion for coronavirus testing. Of that testing money, $11 billion will go to states and some will also go to the federal government.
Members of Congress are apparently pushing for a fifth relief bill to include aid for state and local governments experiencing a dramatic loss of revenues and increased expenses due to COVID-19.
Having already established a reputation for itself in Seneca County, Saull Law & Title, a full-service law firm with headquarters in Upper Sandusky, recently signed a contract to purchase the former Your Legacy Credit Union building in downtown Tiffin, 170 S. Washington St, and a branch will open soon.read more
In response to the COVID-19 pandemic, state and local government issuers of securities, and others generally obligated to support the payment of such securities, who entered into continuing disclosure undertakings or agreements (CDAs) in accordance with Securities and Exchange Commission (SEC) Rule 15c2-12, may have questions concerning their continuing disclosure responsibilities. The following information provides guidance with respect to some commonly asked questions many issuers and “obligated persons” currently face. (Note that its purpose is to provide information of a general nature on this topic and should not be construed as legal advice.)read more
We appreciate everything you and your teams have done to mobilize to keep Ohio and its businesses going during this unprecedented pandemic.
Although some numbers may be sobering, there are opportunities for Ohio that spark optimism. Under the leadership of the DeWine/Husted Administration, Ohio has been recognized as one of the top states to respond to COVID-19. We can leverage that attention to make Ohio stronger, built on the foundation of what already makes Ohio great.read more