Congressman Brindisi Meets with Members
The Greater Binghamton Chamber of Commerce hosted a webinar with Congressman Brindisi in regard to some Pro-Business Legislation pending in Washington. Two bills that the Congressman had been championing is the Made in America Emergency Preparedness Act and the Payroll Protection Program Flexibility Act. Both laws will be important to make sure critical supply lines are protected, jobs are brought back to the US and ensuring that our local businesses will be able to weather the COVID-19 Crisis.
Key Points from the PPP Flexibility Act:
- Under the original PPP Program, 75% of the loan had to go towards payroll expenses and 25% towards other business expenses. Under the new law, the thresholds are changed to 60% and 40% respectively
- Allows for the forgiveness for expenses past the typical 8-week period
- Gets rid of restrictions that limits the term of the loan to 2 years
- Ensures total access to the payroll tax deferment for organizations that utilize the PPP loan
- Provides a rehiring protection for businesses that are unable to rehire employees due to the enhanced Unemployment Insurance
Key Points from the Made in America Emergency Preparedness Act:
- Mandates that certain products that are deemed essential to a national response be manufactured and procured within the United States
- Creates a National Commission on United States Preparedness for National Emergencies
- Mandates that States that do not implement the findings of the Commission’s report will lose access to certain federal funds
- The costs incurred by businesses manufacturers bringing their products into compliance with this bill will be 100% covered
Going forward into the Broome County Economic Recovery, we will need federally supported, state coordinated, and locally implemented solutions that help to spur development and growth within our community. We are thankful that Congressman Brindisi took time out of his hectic schedule to meet with our members and discuss pressing issues. We value the relationship with his office and hope to continue to advance other measures that will create a better business climate.