April 25, 2020 Federal Update: COVID-19

Apr 25, 2020 | Advocacy

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.

Capitalizing on rural corporate site location opportunities

Rural communities are prime targets for companies considering a corporate site location project. Rural areas in the U.S. cover 97 % of the nation’s land area but contain 19.3 % of the population who are more likely to own a single family home, are older and less likely to hold a bachelor’s degree or be in poverty than their urban counters.

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AEP Names Wells Vice President, Sales, Economic and Business Development

American Electric Power (Nasdaq: AEP) has promoted Timothy J. Wells to vice president, Sales, Economic and Business Development, effective Nov. 2, 2020. Wells replaces Mark James who retired last month.

Wells, 55, will lead AEP’s efforts to attract new commercial and industrial customers to its service territory and help existing customers take advantage of AEP’s growing menu of business consultation services. AEP has unique expertise in the energy field and has become a trusted energy advisor to many of its larger customers. Wells will be responsible for leading growth in services that fall outside of the distribution and transmission of electricity, in addition to helping communities bring new jobs to their local economies.

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