Legislative Update with Jay Kruse
by Jay Kruse
Chief Advocacy Officer

Phase IV Update


Congressional negotiations on the next phase of coronavirus relief continue. Late last Friday the House was able to pass the HEROES Act despite strong opposition from Republicans, in addition to a few Democrat members. The $3 trillion bill passed on a final vote of 208-199, without any cross-party negotiations. I mention this because the GOP led Senate is also crafting its own COVID-19 relief legislation that is expected to be released in the coming weeks. The Senate appears to be taking a more calculated approach, choosing to closely analyze the results from prior packages before approaching the next wave of funding.


Once the Senate passes their version of stimulus legislation the two chambers must come together on a compromise bill that also includes White House priorities to successfully gain President Trump’s support. We continue to work with our Dakotas Senators, strongly advocating for the inclusion of member business lending and other financial institution-specific relief provisions in the next phase of relief legislation. More to come.


PPP Loan Forgiveness Application Released


Also on Friday, the U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the CARES Act. Check out Phil Love’s PPP Loan Forgiveness article in today’s Memo for more details.


Hike the Hill Goes Virtual


Due to the uncertainty surrounding the future progression of the coronavirus pandemic we have decided to cancel our annual Fall Legislative and Regulatory Hike the Hill which was originally scheduled for September 1417 in Washington DC. This does not mean we won’t connect with our Dakota Congressional delegation and regulators this fall; we will just be following a slightly different format.


We are still exploring our options, as the fall is a few months away, and the details regarding this pandemic are continuously changing. We will keep everyone in the loop as the details for a virtual event come together. At this time, the situation remains fluid, but alternate plans are in motion. More to come!


Have a great week, stay well, and don’t hesitate to contact me with any questions.




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