April 21, 2020 Article

$480 Billion Stimulus Package Passes the U.S. Senate

On April 21, 2020, the U.S. Senate passed the ‘‘Paycheck Protection Program and Health Care Enhancement Act”, an important new federal stimulus law in reaction to the ongoing COVID-19 pandemic. The bill, the terms of which were negotiated by Treasury Secretary Mnuchin on behalf of the Executive Branch, is expected to be passed by the House and signed into law by the President imminently.  Here’s a quick overview of some of the highlights of the $480 billion law.

One portion of the law increases funding for the Paycheck Protection Program enacted through the CARES Act, from the initial $349 billion to $659 billion. Another provision increases funding for the Small Business Administration’s Economic Injury Disaster Loan program from $10 billion to $20 billion, and provides eligibility for agricultural enterprises with not more than 500 employees, while another provision provides $50 billion in funding to the Small Business Administration to make disaster recovery loans.

Other portions of the Paycheck Protection Program and Health Care Enhancement Act provide:

  • $60 billion for certain smaller insured depository institutions, certified development companies and credit unions;
  • $75 billion for the Public Health and Social Services Emergency Fund, to provide funding for hospitals and health care providers to prevent, prepare for, and respond to coronavirus, domestically or internationally, for necessary expenses to reimburse, through grants or other mechanisms, eligible health care providers for health care related expenses or lost revenues that are attributable to coronavirus; and
  • An additional $25 billion for the Public Health and Social Services Emergency Fund, to provide funding for testing and associated expenses and efforts, to conduct surveillance and contact tracing, including $11 billion for states and local governments to expand testing.

Further details on this new stimulus and relief statute will be forthcoming.

Firm Highlights

Publication

Contractor's Guide to Mitigating Risks in the AIA A201-2017 General Conditions

The AIA A201-2017 is generally a well-understood contract document and is used in a significant number of construction projects each year. While this standard contract covers most risks, there are a number of areas...

Publication

Maine Workers' Comp Alert: WCB Transition to In-Person Hearings Likely to Occur No Sooner Than August 2020; Section 312 IME’s Have Resumed

A conference with Maine Workers' Compensation Board Executive Director John Rohde was held last week to discuss the transition to in-person hearings at the WCB. The WCB Subcommittees also met to discuss recent developments...

Publication

Sigmund Schutz Authors Update to Maine Chapter of the Reporters' Privilege Compendium

Sigmund D. Schutz was invited to author an update to the Maine chapter in  Reporters Privilege Compendium   for Reporters Committee for Freedom of the Press.  The publication provides a comprehensive and detailed examination of...

News

Preti Flaherty Attorneys Jason Howe and Emily White Help Advance Massive $59 Million Development Complex In Seacoast

The Kittery Planning Board has given final approval to a $59 million mixed-use residential development off Interstate 95, a project that has been in the works for several years. Preti Flaherty attorneys Jason Howe...

Press Coverage

Portland-Based Education Nonprofit Sued For Study Abroad Refunds

A class-action suit has been filed against CIEE on behalf of thousands of college students who were denied any refund of tuition, room and board, and other fees for Spring 2020 study abroad programs...

Publication

Legislative Alert: Governor’s Economic Recovery Committee Update

The Governor’s Economic Recovery Committee met on Friday June 26 th to hear reports from the Chairs of all six subcommittees. In the reporting on Friday the biggest monetary ask was from the Infrastructure...

News

ACTIONS. NOW. FOR CHANGE.

Our country and our communities are suffering and in turmoil due to the racial injustices that have occurred for centuries and are still happening all around us today. It is difficult to comprehend and...

News

Eighteen Preti Flaherty Attorneys Selected as Chambers USA Leaders in Their Field

Eighteen Preti Flaherty attorneys and five practice groups have been selected for inclusion in the 2020 Chambers USA Guide to America's Leading Lawyers for Business , the highly regarded directory of leading attorneys and...

Publication

Preti Flaherty COVID-19 Resources

In response to the ongoing COVID-19 pandemic, Preti Flaherty's attorneys have maintained a constant stream of the most up-to-date information and resources for our clients, business partners, and others struggling to navigate these complex...

News

Preti Flaherty Attorneys Sigmund Schutz and Greg Hansel Lead Suit to Help Students Get Housing and Tuition Refunds for Study Abroad Programs Cancelled by CIEE

In the class-action complaint, Council on International Educational Exchange (CIEE) is cited for breach of contract for failing to refund housing and tuition for cancelled study abroad programs A class-action suit has been filed...