January 16, 2021
Dear Friends,
While we continue to grapple with the consequence and continued fallout of the January 6 attack on the Capitol, our work to confront the devastating effects of this COVID crisis remains incomplete. On Tuesday, we set another unfathomable record of 4,327 deaths in one day due to COVID, the highest single day record yet. Even more dishearteningly, that was the second time in a week that national COVID deaths exceeded 4,000. Each new day threatens to be among the deadliest in American history, and the numbers are still going in the wrong direction. January is on track to become the deadliest month yet of this pandemic.
Our nation is also grappling with staggering economic hardships. In the final month of 2020, the economy lost 140,000 jobs in December, the first month with a net loss since April. Last week 1.15 million workers filed for unemployment.
We need action now and a national response that gets vaccines into arms faster and money into the hands of struggling small business owners and everyday Americans. And despite the grim news of the week including grave signs of a worsening pandemic, we also got a promising look at the new rescue plan proposed by President-Elect Joe Biden and his team.
Here’s what’s included in his $1.9 trillion proposed plan:
- $400 billion to strengthen our federal pandemic response including launching a national vaccination program with states and localities that increases investments in testing, tracing and treatment, supports healthcare workers and deliver schools vital resources they need to reopen safely.
- $440 billion to help the hardest-hit small businesses and to protect jobs for essential workers by funding state and local governments, making it possible for them to keep teachers, police officers, firefighters, emergency responders, transit workers and other essential service providers on payroll.
- $1 trillion for immediate direct relief including an additional $1,400 in support for millions of struggling Americans. Unemployed workers will also be eligible to receive up to $400 per week in expanded unemployment insurance payments. And further support will address housing and hunger, expand access to safe reliable childcare and healthcare, increase the minimum wage and more.
We need a lifeline strong enough to pull us out of this dark winter. The Biden-Harris COVID plan gets the job done by facing this pandemic head-on with a bold and comprehensive blueprint for vaccination, resilience and recovery. We cannot afford to drag our feet or fall short in this decisive moment. Congress must get these provisions advanced into law without delay.
There is no denying that we have a long and difficult road ahead. I stand ready to carry forward with this work and make sure we deliver for our families, communities and nation.
And, as always, thank you for reading.
Your friend,
DID YOU KNOW?
Throughout this pandemic, my office and I have worked to make sure you remain informed with the latest updates and recommendations on any and all COVID-19 related topics. With that in mind here is some information from the SBA that may be of interest to you:
- As of Friday, January 15, lenders with $1 billion or less in assets can submit first and second draw PPP applications.
- 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.
- Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include:
- Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.
- 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.
- Maximum amount of a Second Draw PPP loan is $2 million.
- Updated PPP Lender forms, guidance, and resources are available at www.sba.gov/ppp and www.treasury.gov/cares.
