Mobility - May 2020 - Special Covid-19 Edition - 24

WORLDWIDE ERC ® GOVERNMENT AFFAIRS 2020

Worldwide ERC® Advocates
for Mobility Industry
Financial Relief
By Tristan North
The travel and societal interaction restrictions
implemented by the U.S. and countries across the
world to contain the COVID-19 pandemic have
brought the movement of employees and our
industry almost to a standstill. While the freedom
to move employees around the globe is the foundation of Worldwide ERC® public policy, COVID-19
and its necessary related restrictions have inevitably adjusted our narrative.
Worldwide ERC® is focusing its advocacy
resources on helping our members receive the
financial aid they need to mitigate the economic
implications of COVID-19. While almost every
industry is currently facing some level of financial
distress, our industry has been impacted directly
by travel restrictions and the closing of borders. As
countries and U.S. states gradually ease restrictions, a strong infrastructure for workforce mobility
will be necessary for U.S. and global economies to
return to their pre-COVID-19 levels.
Supported by this narrative, Worldwide ERC® has
been advocating for a series of provisions to provide
financial assistance to the more than 6,000 individuals
and businesses that comprise our association. As part of
this effort, Worldwide ERC® has sent a series of letters
to U.S. congressional leaders outlining our requests for
relief. The U.S. Congress and the administration have
implemented programs to assist businesses and individuals that share aspects of the requests of Worldwide
ERC® and multiple other organizations.

PAYCHECK PROTECTION PROGRAM

A primary request of Worldwide ERC® has been for
favorable loan terms for businesses, stressing relief
for small businesses involved in employee relocation

24 Mobility | May 2020

and movement of household goods. On 20 March,
Worldwide ERC® sent a letter to U.S. congressional
leaders asking for financial assistance for the workforce mobility industry through the expansion of
available loan programs.
On 27 March, as part of the Coronavirus Aid,
Relief, and Economic Security Act (H.R. 748) or
"CARES Act," Congress established the Paycheck
Protection Program (PPP) and allocated $349 billion
for the program. Businesses with fewer than 500
employees can apply for PPP loans, which have an
interest rate of 1%, do not require a payment for six
months, and can be forgiven based on a percentage of
employees retained. PPP funds must cover employee
payroll, and up to 25% may also be used to pay rent,
mortgages, and utilities.
PPP has been extremely popular, and on 16 April,
the U.S. Small Business Administration announced
the program had run out of funds. On 20 April,
Worldwide ERC® sent a follow-up letter to U.S. congressional leaders requesting more funding for small
business loans under the PPP. On 24 April, Congress
passed the Paycheck Protection Program and Health
Care Enhancement Act (H.R. 266), which allocated
an additional $310 billion in funds for the program.
Worldwide ERC® had requested a minimum of an
additional $250 billion in funding.
It is likely that the program will again run out of
funds. Congress is currently working on another economic stimulus package to address the financial impact
of COVID-19. Depending on the status of available
funds under the program at the time of negotiations on
the package, it is possible that Congress could allocate
more funds but could also include more oversight measures or eligibility adjustments.



Mobility - May 2020 - Special Covid-19 Edition

Table of Contents for the Digital Edition of Mobility - May 2020 - Special Covid-19 Edition

Mobility - May 2020 - Special Covid-19 Edition - Cover1
Mobility - May 2020 - Special Covid-19 Edition - Cover2
Mobility - May 2020 - Special Covid-19 Edition - 1
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Mobility - May 2020 - Special Covid-19 Edition - Cover3
Mobility - May 2020 - Special Covid-19 Edition - Cover4
https://www.nxtbook.com/ygsreprints/WERC/mobility-march-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-february-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility_122020
https://www.nxtbook.com/ygsreprints/WERC/mobility_112020
https://www.nxtbook.com/ygsreprints/WERC/mobility_102020
https://www.nxtbook.com/ygsreprints/WERC/mobility_092020
https://www.nxtbook.com/ygsreprints/WERC/mobility_082020
https://www.nxtbook.com/ygsreprints/WERC/mobility_072020
https://www.nxtbook.com/ygsreprints/WERC/mobility_062020
https://www.nxtbook.com/ygsreprints/WERC/mobility_052020
https://www.nxtbook.com/ygsreprints/WERC/mobility_042020
https://www.nxtbook.com/ygsreprints/WERC/mobility_032020
https://www.nxtbook.com/ygsreprints/WERC/mobility_022020
https://www.nxtbook.com/ygsreprints/WERC/mobility_012020
https://www.nxtbook.com/ygsreprints/WERC/mobility_122019
https://www.nxtbook.com/ygsreprints/WERC/mobility_112019
https://www.nxtbook.com/ygsreprints/WERC/mobility_102019
https://www.nxtbook.com/ygsreprints/WERC/mobility_092019
https://www.nxtbook.com/ygsreprints/WERC/mobility_082019
https://www.nxtbook.com/ygsreprints/WERC/mobility_072019
https://www.nxtbook.com/ygsreprints/WERC/mobility_062019
https://www.nxtbook.com/ygsreprints/WERC/mobility_052019
https://www.nxtbook.com/ygsreprints/WERC/mobility_042019
https://www.nxtbook.com/ygsreprints/WERC/mobility_032019
https://www.nxtbook.com/ygsreprints/WERC/mobility_022019
https://www.nxtbook.com/ygsreprints/WERC/mobility_012019
https://www.nxtbookmedia.com