News Ticker

COVID-19 News Round-up for June 23

Credit: Foley & Lardner LLP

Budget, Policy & Stimulus News 

Beyond PPP: Help for Contractors 

A recent article in ConstructionDive takes a look at federal loans, tax credit and other assistance programs beyond the Paycheck Protection Program that can be of help to contractors trying to weather the COVID-19 downturn. (Source: ConstructionDive) 

New SBA PPP Rule Allows for (Some) Higher Salaries 

The Small Business Administration has officially expanded the amount business owners can pay themselves and their employees and still get full forgiveness for Paycheck Protection Program Loans. That new, higher cap only applies to employees. Owners — those who file a Schedule C or F form — are capped at a much lower $20,833 over the 24-week period. (Source: Phoenix Business Journal) 

AASBO Committee Issues Revised June Budget Update 

The Arizona Association of School Business Officials Joint Legislative Committee issued a revised June Budget Update. JLBC staff in April had estimated that for FY2020 the State General Fund would have a $638M shortfall. That estimate has been reduced to $190MHowever, the estimated shortfall for FY2021 has increased and now stands at $518M. (Source: AASBO.org) 

Governor Announces Enhanced COVID Action Plan 

Following COVID-19 case increases and hospitalizations, Governor Doug Ducey announced enhanced actions to contain the spread of the virus. The announced actions build on Arizona’s efforts to boost testing, expand contact tracing, secure PPE for health care and frontline workers, and fast-track resources to affected areas. (Source: Office of the Governor 

Economic News 

Housing Construction Starting to Recover? 

According to data released by the Census Bureau, housing starts were up 4.3 percent in May, with 934,000 new starts recorded for the month. Building permits were up even more, rising 14.4 percent over April. Single-family permits specifically jumped 11.9 percent. (Source: Forbes) 

Phoenix Hotels May see 2022 Rebound  

In its latest Hotel Horizons forecast report, CBRE predicts demand for U.S. lodging accommodations will return to precrisis levels in the third quarter of 2022. CRBE officials said Phoenix will follow trends similar across the country, but at a faster pace than most markets. (Source: Phoenix Business Journal) 

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