Under the Dome
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Encourage Your Representative To Vote Yes On Legislation That Simplifies PPP Loan Forgiveness
Since April 3, bankers across Michigan have assisted small businesses in their communities by providing loans through the Paycheck Protection Program. Small businesses have received over 4.8 million loans through the program. This bill will simplify the forgiveness for PPP loans of a de minimis amount if the borrower submits a simple, one-page attestation form to the lender and is similar to S. 4117 with the intent of achieving the same purpose. As the Paycheck Protection Program enters the forgiveness phase, the process should be easy, simple and less technical for less sophisticated borrowers who received small amounts of proceeds through PPP.
You have asked your Senator to support this legislation a few weeks ago. Now, ask your Representative to support legislation that expedites the forgiveness process for borrowers and their banks!
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MBA Virtual Banker Roundtable Congressional Grassroots Series
Join the MBA for the Virtual Banker Roundtable Congressional Grassroots Series. The meetings include brief discussions regarding cannabis banking, CECL stop and study legislation, tax and conduct equity in the financial services marketplace, and cybersecurity issues. If you are interested in participating, please register here.
Next Week’s Agenda:
- Tuesday, August 4 – Go Out and Vote
- Thursday, August 6, 7:30 A.M. – Congresswoman Debbie Dingell
Watch this week’s roundtable meetings with Congressman John Moolenaar and Congressman Fred Upton.
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MBA Supported Bills Introduced to Protect Businesses and Banks from Liability During and After COVID-19
This past week in the Michigan House, a package of three bills dealing with employer liability was introduced by Representative Thomas Albert, Graham Filler, and Tommy Brann, HB-6030, 6031, and 6032. The Senate – introduced version of this package led by Chair of the Senate Insurance and Banking Committee includes Senator Lana Theis, Ken Horn, and Wayne Schmidt. Bill numbers are SB-1022, 1023, & 1024.
The package lays out specifics regarding what must be present or absent for an employee to have standing for a cause of action should they contract COVID-19 at work. The MBA has engaged for a number of weeks on a coalition of wide ranging business interested trade association partners to push this package. Last week a letter was sent to the Governor and all members of both legislative chambers to urge their support and communicate the importance of this package to the Michigan Economy.
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Michigan Legislature Passes Budget and Gov. Signs EO With Cuts, Shifts, Federal Dollars
Last week, legislative chambers and the Governor took a significant step to fill a $2.2 billion hole in the state’s current year budget with mostly federal money, $350 million from the Rainy-Day Fund, fund shifts and $483 million in hard cuts. HB-5265 & SB-0373 were passed by the legislature, and the Governor has agreed to sign both appropriations bills.
The House and Senate Appropriations committees signed off on a budget-cutting executive order and the legislature made some cuts with a scalpel, instead of an axe, to a number of state departments.
Some creativity was used with the federal coronavirus relief money since the state is not able to use it to plug holes in the budget. Michigan officials cut funding for schools, universities, State Police, colleges, local governments and the Department of Corrections and then used the federal money for, technically, new programming. Read more.
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Governor Whitmer Amends MI Safe Start Order to Limit Indoor Gatherings, Save Lives
Governor Gretchen Whitmer signed Executive Order 2020-160 and Executive Order 2020-161, amending Michigan’s Safe Start Order and issuing revised workplace safeguards. Under the Safe Start Order, starting July 31, 2020, statewide indoor gatherings will be limited to 10 people and bars will be closed for indoor service across the state, including in Regions 6 and 8. Read more.
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SBA Paycheck Protection Program
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- Today, the Committee on Financial Services will convene for a hearing entitled, “Protecting Consumers During the Pandemic? An Examination of the Consumer Financial Protection Bureau.” The hearing will convene in a “hybrid” format, which provides for remote Member participation or Member participation from the Committee hearing room.&nbs
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