Progress on Limited COVID Relief Package; AIADA Urges Congress to Affirm PPP Forgiveness Deductibility

With the year quickly winding down and the pandemic surging across the country, it is looking increasingly likely that a targeted COVID relief package could come together during the lame duck session. A bipartisan proposal currently being circulated would include a boost of federal unemployment benefits as well as key priorities of both sides, including state and local aid pushed by Democrats and short-term liability protections for businesses wanted by Republicans.

You Auto Know: November 20, 2020

The newly elected members of the 117th Congress, which will be sworn-in in early January, were in Washington this week to select their leadership. House Speaker Nancy Pelosi (CA) is expected to be re-elected to lead a slimmer Democratic majority and Republican Leader Kevin McCarthy (CA) will return to head a larger Republican conference. Other top House leaders were also re-elected to their current posts, including Majority Leader Steny Hoyer (MD), Majority Whip James Clyburn (SC), House Republican Whip Steve Scalise (LA) and House Republican Conference Chair Liz Cheney (WY). Democrats also selected Rep. Katherine Clark (MA) as Assistant Democratic Leader.

House Passes COVID Package but Deal Still Unlikely As Congress Readies to Leave Washington

Despite the passage of a $2.2 trillion COVID package by the House this week, a deal on the next round of COVID relief remains a long shot before Congress leaves Washington and the campaign season kicks into high gear. The Senate is unlikely to approve the bill, and Republicans and Democrats in Congress remain far apart on the price tag for the package and how the funds should be allocated. Barring a significant breakthrough, a deal on the next COVID stimulus is unlikely before the election.

Paycheck Protection Program Extended; USMCA Replaces NAFTA

This week Congress passed an extension to the Paycheck Protection Program (PPP), the small business coronavirus relief loan program, which had been set to expire on July 1st. The program will now accept applications through August 8th, and has approximately $130 billion in remaining funds.