COVID-19 LBM Industry News and Updates

COVID-19 Updates

Please note these updates do not constitute legal advice. Information contained may be subject to interpretation and companies should consult with their own counsel.

WEEK OF JANUARY 25, 2021
President Biden Signs OSHA Executive Order on COVID-19 Workplace Safety
Information provided by NLBMDA

President Joe Biden signed an executive order (EO) requiring the Occupational Safety and Health Administration (OSHA) to issue revised guidance and possibly emergency temporary workplace standards pertaining to COVID-19. There are no new immediate requirements for members, but NLBMDA will be closely watching for OSHA’s actions resulting from this EO.
The order contains the following directives requiring OSHA to:
  • Issue guidance to employers on protecting workers from COVID-19 within two weeks.
  • Evaluate whether any emergency temporary workplace standards are needed and gives the agency until March 15 to issue these standards.
  • Review its enforcement efforts related to COVID-19 and requires the agency to identify what changes could be made to protect workers.
  • Launch a national program to focus OSHA enforcement efforts related to COVID-19 on violations that put the largest number of workers at serious risk or are contrary to anti-retaliation principles.
  • Coordinate with states that have OSHA-approved occupational safety and health plans to ensure that workers covered by such plans are adequately protected from COVID-19, consistent with any revised guidance or emergency temporary standards issued by OSHA.
NLBMDA is closely monitoring OSHA’s regulatory activity on COVID-19 and will be sure to keep members updated on the latest developments. NLBMDA will immediately engage the Biden administration should any new workplace rules be proposed in the coming weeks.

WEEK OF JANUARY 18, 2021
PPP Announces PPP Reopening Dates for Small and All Lenders
Information taken from the WCLBMA Weekly Update

The Small Businesses Administration (SBA) announced they will reopen the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications starting on Friday, January 15, 2021 at 9 am ET. These lenders include community banks, credit unions, and farm credit institutions. The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
First Draw PPP loans are for those borrowers who have not received a PPP loan before August 8, 2020. Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.
The SBA has created a revamped PPP website where borrowers can find detailed instructions and application forms for First Draw loansSecond Draw loans, and loan forgiveness. NLBMDA will continue to provide members with updates on any new information and guidance as it becomes available.

 

WEEK OF JANUARY 11, 2021
SBA Releases New Paycheck Protection Program Applications
Information provided by NLBMDA

The Small Business Administration (SBA) has released new applications for “First Draw” and “Second Draw” Paycheck Protection Program (PPP) loans. Beginning today, the SBA will accept First Draw PPP loan applications from community financial institutions, including Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries. These institutions will be able to make Second Draw PPP loans starting on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. The new applications now include an option for 501(c)(6) organizations.
Small businesses can apply for a PPP loan through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Below you will find links to the new applications along with additional supplemental materials.
Paycheck Protection Program Applications
Supplemental Materials