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.

USMCA Enters Into Force Next Week

Next Wednesday, July 1 the United States-Mexico-Canada Agreement (USMCA) will officially enter into force, replacing the 26-year-old North American Free Trade Agreement (NAFTA).

Senate Passes PPP Fixes; USMCA Auto Rules Finalized

This week the U.S. Senate overwhelmingly passed legislation, previously passed by the House last week, which will make changes to Paycheck Protection Program (PPP) to make it more accessible and allow for more flexibility for loan recipients.