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News & Press: IBPA Advocacy

COVID-19 News: Next Phase of Major COVID-19 Relief Legislation - HEROES Act

Wednesday, May 13, 2020   (0 Comments)
Posted by: Angela Bole
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(Manhattan Beach, California - May 13, 2020) -- On May 12, 2020, Democrats in the House of Representatives released a proposal for the next phase of major COVID-19 relief legislation -- the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act.

Following are a few notable provisions, among many:

  • The covered period for PPP loans would be extended to December 31, 2020;
  • PPP funds could be stretched over 24 weeks instead of the eight weeks originally passed in the CARES Act;
  • Businesses and organizations that receive PPP loans would be allowed to defer payroll tax payments;
  • Coordination between the PPP and Employee Retention Tax Credit would be improved to "ensure borrowers can take advantage of both types of assistance;" and
  • The legislation would direct the Federal Reserve to create a nonprofit-specific program within the Main Street Lending Program.

According to reports, the House is likely to vote on this package on Friday, May 15th, 2020.

For more information about COVID-19, visit IBPA's COVID-19 Resource Center for Independent Publishers.

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