PPP Flexibility Proposal
Last week Congress voted in favor of HR 7010, also known as the Paycheck Protection Program Flexibility Act of 2020. In short, the bill will give nonprofits and small businesses more time to use PPP loans and allows them to spend less on payroll costs, should the bill become law.
Right now nonprofits and small businesses have eight weeks to use their PPP loan and we must use no less than 75% of the loan towards payroll costs. This new bill includes extending the time from eight to 24 weeks for loan expenditures and drops the 75% threshold to a requirement of no less than 60% of loan proceeds spent on payroll costs.
We will continue to monitor this new bill and keep you informed. The next steps remain in the hands of the Senate, whether they vote on this bill or propose their own similar version. Time is of the essence as many nonprofits and small businesses started receiving PPP funds in mid-April and the eight week window is rapidly approaching.
Guidance for Mass Gathering
The Idaho Department of Health and Welfare (DHW) and the seven local public health districts have developed guidance to assist with decisions regarding gatherings and public events during the COVID-19 pandemic and stages of the Rebound Idaho plan. They understand that events must be planned well in
advance and some event timelines extend beyond the current Stage 4 of the Rebound Idaho plan. Idaho’s ability to advance from one stage to the next is dependent on gating criteria being met, which requires control of the spread of COVID-19.
Staying Safe in Stage 3
Boise, Idaho – Governor Brad Little announced today Idaho has met the criteria to advance to Stage 3 of the Idaho Rebounds plan to safely and responsibly reopen Idaho’s economy.
“We are better off in Idaho than elsewhere not because the problem doesn’t exist here but because we’re doing a good job protecting our families, neighbors, and friends,” Governor Little said. “Health and the economy are not mutually exclusive – they are interconnected. Half a million Idahoans are at risk of developing serious complications from COVID-19 if they contract it, and we cannot rebound if a huge segment of our population is concerned to engage in the economy again. They will engage, however, if they feel safe going outside their homes to visit businesses and return to work. We all play a role in keeping them safe.”
Governor Little also said that after consultation with movie theatre operators and public health officials, he decided to move up the opening of movie theatres by two weeks – from Stage 4 to Stage 3 beginning Saturday (May 30) – as long as protocols are followed. Protocols for movie theatres to follow will be made available later today.
Beginning Saturday (May 30), Stage 3:
Every Idahoan is urged to continue practicing measures to prevent the spread of COVID-19, including:
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