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Home / News / NASBP Focal Point – October 1, 2020

Legislative News at a Glance
Nine state legislatures and U.S. Congress are currently in session: California, Louisiana, Massachusetts, Michigan, New Jersey, Ohio, Pennsylvania, South Carolina, and Virginia. Also meeting is the District of Columbia.
Territories: Guam and the Virgin Islands.
In This Issue
  • Federal Report
  • Revised Heroes Act; Stopgap Funding Bill; PPP
  • NASBP Resource: E-Signature, RON Reference Chart
Federal Report
Heroes Act, Revised — On Monday, House Democratic Leaders released a $2.2 trillion revised version of the Heroes Act, which is $1 trillion less than the bill the House passed in May. The bill provides $436 billion for state and local governments rather than the original $915 billion. It would provide another round of $1,200 payments and $600 per week extra unemployment insurance payments through January 2021, similar to the May proposal. The bill includes new aid for airlines, restaurants, and small businesses that were not included in the original legislation. The measure also includes $225 billion for education and $75 billion for coronavirus testing, tracing, and isolation measures. Furthermore, the revised bill expands eligibility for Paycheck Protection Program (PPP) opportunities to all 501(c) non-profits, regardless of the size of the organization. However, the revised bill, which was initiated in the Senate, includes vague lobbying restrictions (10% threshold) that would be used to determine PPP loan eligibility.
The American Society of Association Executives (ASAE) has raised concerns that, for small non-profit organizations that may lobby on a limited basis, the 10% threshold could prohibit eligibility to obtain PPP loans. This week, ASAE sent a letter to House/Senate leaders asking to expand equal eligibility under the PPP to include 501(c)(6) nonprofit organizations. For your reference, a one-pager, section-by-section summary, and information pertaining to state and local relief are available for your review. Speaker Pelosi and Treasury Secretary Mnuchin have been in discussion about the updated version. The House backed off plans to vote on a $2.2 trillion virus relief package on Wednesday, as behind-the scenes negotiations continued with the White House, which has not taken a formal position on the bill.
Stop Gap Funding Includes 1-Year Extension — Yesterday, the Senate passed and late last night the president signed, H.R. 8337, legislation to fund the federal government through December 11. The passage of H.R. 8337 averts a government shutdown that would have begun today. The continuing resolution also extends the surface transportation programs (see Sept. 17, Focal Point: NASBP urges Congress to support 1-year extension to surface transportation), the National Flood Insurance Program, and the Appalachian Regional Commission for a full year as well as several expiring authorities of the Veterans Affairs Department.
Paycheck Payment Protection — This week, NASBP hosted a virtual seminar on PPP loans and forgiveness addressing frequently asked topics such as loan forgiveness, and how to correctly recognize taxes and expenses for PPP loans. For those you who missed the seminar, a recorded version can be accessed here.
As a reminder, the U.S. Treasury continues to update its website to include revised interim rules of the PPP.
NASBP Resource: Reference Chart,
Electronic Signatures and Remote Notarization
During the COVID-19 pandemic, NASBP has urged state governors and agencies to take immediate action to accept electronic bonds and remote notarization, which will help to protect the health and safety of persons processing, executing, and delivering surety bonds and limit the need for close contact in this regard.
NASBP continues to track state’s actions on this front and wanted to share the reference chart available on our website. This includes all state actions on accepting e-signatures or remote notarization, including those that are now expired.
As a reminder, NASBP and SFAA sent a letter along with a white paper to all 50 state governors earlier this year, requesting that they immediately issue an Executive Order regarding the acceptance of electronic bonds, including use of electronic signatures, seals, and powers of attorney. The letter was intended to ensure that construction services, accompanying performance guarantees, and all commercial surety guarantees continue to be provided without significant disruption during the current COVID-19 crisis.
Have you provided your written authorization for 2020 for SuretyPAC? If not, click below!
Have you been asked to conduct a bonding awareness seminar? If so, download the Bonding Awareness Toolkit!
If you’re meeting with public owners or lenders and need talking points or newly created videos on the importance of surety, click below!
The National Association of Surety Bond Producers
Focal Point is an e-bulletin sent to members and friends of the National Association of Surety Bond Producers when most state legislatures are in session and as needed thereafter. To obtain copies of Bills or other materials discussed above, contact advocacy@nasbp.org. Copyright © 2020. NASBP. All rights reserved.
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Publish Date
October 1, 2020
Post Type
Focal Point
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